Japan must be ready to issue central bank digital currency

zahra1368

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Quote from: passwordnow on February 03, 2020, 04:48:00 AM

They will do the same thing as what China is planning to launch with CBDC. Japan is a very known crypto friendly country and that's why they might extend to issue their own CBDC. I think it will be the next trend which might be accepted for most countries. Each of them will create their own CBDC and then can be traded to bitcoin. This will make the crypto community grow even faster because the countries that are worrying about decentralization can connect their centralized coin and can eventually be traded for bitcoin.

Javi_Anibarro

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Quote from: el kaka22 on February 03, 2020, 01:15:28 PM

I don't get all these nations building their own stablecoins unless they are aiming at something we don't know about. I mean what would they gain from getting billions of dollars that they can't really spend? With a true stablecoin, when you issue even 10 billion dollars worth of stablecoins of your fiat currency, you will have to hold it in case someone wants to withdraw, so it has to be always there at all times, sure having the money on your hands is better than not having it, but whats the point of it if they can't spend it on anything.

I assume nations are doing it to prevent others doing it, it is better to have your own stablecoin then let other nations have theirs and have to battle them out about it. We will see how it will turn out after it gets more famous.

It should be as a form of competition and stability for the country, digital currency is not like stablecoin because digital currency is backed by a real asset and it is regulated under the law. That means people can use it freely without worrying about the regulation problem that prevents cryptocurrency and stablecoin to be used formally in many countries. I might be wrong but it is very likely to happen considering the fact they made this announcement after we heard about China tokenized their currency 2 months ago. They started this issue last year as far as I remember.

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Quote from: PirMardan on February 02, 2020, 01:48:19 PM

According to reports, the Bank of Japan (Bank of Japan) Vice President said that if the public block chain demand surge in technological development, the agency must do the issuance of central bank digital currency ready (CBDC) is.

Reuters reported on January 30 that Masayoshi Amamiya made a strong statement on the Bank of Japan’s vision for the future at a seminar, saying to participants Read more

it will be no use to the btc but another stable coin. they should consider to make use of btc or to bind the coin to the btc like coins backed by the btc etc something like that as btc is the first and most promising crypto currency

el kaka22

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I don't get all these nations building their own stablecoins unless they are aiming at something we don't know about. I mean what would they gain from getting billions of dollars that they can't really spend? With a true stablecoin, when you issue even 10 billion dollars worth of stablecoins of your fiat currency, you will have to hold it in case someone wants to withdraw, so it has to be always there at all times, sure having the money on your hands is better than not having it, but whats the point of it if they can't spend it on anything.

I assume nations are doing it to prevent others doing it, it is better to have your own stablecoin then let other nations have theirs and have to battle them out about it. We will see how it will turn out after it gets more famous.

Kemarit

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Well it makes sense though, I mean Japan is crypto friendly isn't it. But what I don't like is that maybe they are going to rush things and somewhat 'force' people to used their CBDC. I'm sure everyone there is comfortable using this BTC for everyday lives, and introducing this sort of digital currency might also put a tax, a hefty one that Japanese are going to shun it. And we haven't seen any successful CBDC so far, it's centralised, back by government which every crypto enthusiast doesn't like, IMHO.

passwordnow

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They will do the same thing as what China is planning to launch with CBDC. Japan is a very known crypto friendly country and that's why they might extend to issue their own CBDC. I think it will be the next trend which might be accepted for most countries. Each of them will create their own CBDC and then can be traded to bitcoin. This will make the crypto community grow even faster because the countries that are worrying about decentralization can connect their centralized coin and can eventually be traded for bitcoin.

PirMardan

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According to reports, the Bank of Japan (Bank of Japan) Vice President said that if the public block chain demand surge in technological development, the agency must do the issuance of central bank digital currency ready (CBDC) is.

Reuters reported on January 30 that Masayoshi Amamiya made a strong statement on the Bank of Japan’s vision for the future at a seminar, saying to participants Read more

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