The CB of Japan can issue its token only in a few years

by in Cryptocurrency News


Japan's central bank will not be able to quickly issue its digital currency (CBDC). It will take him several years to realize his plans, says Hiromi Yamaoka, who previously headed the Department of Payment and Settlement Systems of the Central Bank.

In an interview with Reuters, he said that there are many risks associated with the launch of the token. First of all, this is due to the possible outflow of capital from bank deposits.

Besides, Japan has not yet completed the modernization of its payment infrastructure, so it is not able to quickly develop and implement an innovative instrument in the form of the digital yen.

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The former official also believes that now there is no need to create a token. Most likely, most companies and citizens will not use digital currency and will prefer to stay in the traditional banking system.

Note that the Bank of Japan recently announced the creation of a digital yen as opposed to the Chinese token. The Central Bank fears that if the Celestial Empire is the first to issue a regulated cryptocurrency, then the digital yuan will become the leading instrument in the Asian market.