Topic: Japan reportedly working on a proposal to issue a national digital currency - page 2. (Read 202 times)

lately I often find posts from countries related to cryptocurrency as well as Germany and now Japan which is among the most affected countries especially China

I don't think it's about "fear" of Chinese Yuan's stable coin. But this is all about innovation, adoption and upgrade of the traditional system in payments that they have. They're all doing it because they can see the true potential that it has.
This isn't about fearing but this is more about embracing the technology that is making a disruptive innovation. Well, they can assume that it's all about fearing but for me, it's not.

maybe this is good news even though it hasn't really been realized. many countries have started to care about digital money, but I personally would not be so interested in centralization and maybe if I would use it only under certain conditions. but maybe this could be the beginning of the world introduction to digital money, and I hope that people can see and use bitcoin in the future.

As of today, we are really on a digital era and we are moving on the next level in advancing it. Japan is known to its inclination in terms of technological advancement and futuristic mindset. They always wanted to be the first when it comes to technology. I guess they are just preparing for something big that is why they are planning to somehow put their first leg in advance. Blockchain Technology, Cryptocurrency and other Digital Currency like Bitcoin are just part of these movements.

China has huge economy almost all in the world needs China and if they demand something from trade relations, this digital yuan may really replace USD standard. Not the type that a country will be afraid of but this will change the references since China is bigger and economy flourish because of them and China now represents as the world leader.

I think it is the new trend now! large economies are planning to create their own "National Digital Currency" but i can't find any solid reason and purpose why some of the economic powerhouse countries are interested to create their own Digital Currencies, and definitely they are not after to compete with Bitcoin. because those digital currency that they want to create is a digital version of its own native currencies so its not design to compete with the Decentralized cryptocurrency like Bitcoin and Altcoins.

Japan has been one country which seems to understand and know what cryptocurrency and blockchain technology can do to their financial ecosystem and systems. I just wished other countries can try to understand cryptocurrency and Blockchain technology like Japan. That will transform the entire financial ecosystem of the world.

digital currency and cryptocurrency are two different things, a tokenized currency will not bring any benefit to cryptocurrency instead it will become a solid competitor for cryptocurrency because it is backed by real law and regulation.

This move by Japan to issue out a national digital currency would be beneficial to the cryptocurrency industry. It would bring to limelight the existence of other digital currencies and more countries would see the need to work in that light. We all know that Japan is on a fast lane in the emancipation of her citizens from fiat.

Japan is always open for innovation and advance technology so its good that they're taking a move to get more people into adoption of crypto once there will be a declaration of national digital currency. People will know it really exist and does acknowledge by many people.

That's good news imagine two superpowers in economics planning to create their own Cryptocurrency to compete with all the existing coins in the market, in a way they will be promoting all the existing coins in the market, like Bitcoin Ethereum litecoin, lot of store for us this 2020.

that is very good, this makes positive news come back to bitcoin, look at the price of bitcoin today trying to go back up after the decline, maybe this is the effect of this positive news and the end of the Chinese New Year

I don't think that they are afraid of that. I think that this is just a part of the war on anonymous cash money. If they can change the current monetary system to effective surveillance tool why shouldn't they (from their  perspective)? I think that most people are not even aware what's happening in here as they see digital cash more easier solution. Why people continue to mix this kind of progress to cryptocurrencies is beyond me.

Hmmm it's true, but the government only adopts blockchain technology, not a decentralized system like bitcoin has. But for me also agree if the development of blockchain technology is increasingly supported because this is also the first step in the development of digital in various sectors. I also cannot expect much because the government system is based on centralized rather than un centralized, so it is natural that the digital currency that will be launched later will be centralized.

I doubt they’ll do it because they have already legalised bitcoins in their country and are earning from it’s sales and purchase, hence I don’t see any need for them to spend additional funds and develop an alternative currency. @msarro @kryptqnick first of all I don’t believe that they’ll make a alt coin, and secondly even if they do they won’t put any restrictions on bitcoins because it’s already regulated by them. Also we should wait for few more days because there’s no official statement from the government regarding this coin, and once the government declares their stand only then can we start speculating what will be it’s effect on bitcoin prices.

Due to the pressure from China's cryptocurrency, Japan intends to release its own cryptocurrency, which is good news for the crypto market, indicating that the government has begun to recognize the existence of cryptocurrency and is also studying the underlying technology blockchain. I think it will be more and more More countries are researching such technologies.

Yes, we must understand that everyone wants something that is legal and is supported by the government. When a product comes from the government, it certainly has strict regulations and supervision, the government will also exercise control over everything, including requiring the token holder to pass KYC.

This is also my question. Why do Japan have to be afraid of a digital Yuan?

So far, this is what I got: "Some Japanese lawmakers have already expressed concern over Beijing’s attempts to strengthen yuan's role as a settlement currency in emerging economies. Thus, the finance minister Taro Aso said that digital yuan would create serious problems if it gains popularity as a means for international settlements as Japan settles transactions mostly in dollars."^[1]

So I guess it has something to do with the digital Yuan playing a more vital role in international finances. Japan's Yen is globally influential but still Japan is using the USD in international settlements. I guess this fear is founded on the probability that if the Chinese Yuan is digitized, it will give more ease for the country and those nations that owed her big to do international business in digital Yuan. China will eventually gain more foothold in the international monetary and financial power-play. Japan, which has been in tension with China, has to counter this move with her own version of digital Yen.

But this digital Yen is still a proposal coming from the government itself. This is different from the J-Coin, which is also a digital currency created by Japanese Banks. Accordingly, J-Coin would have its launching "in time for the Tokyo Olympics in 2020". The purpose of this is to limit the use of cash in Japan.^[2]

With all these, Japan is simply amazing. It is a country of the future. It has a very advanced outlook.

Sources:

[1] https://www.fxstreet.com/cryptocurrencies/news/japan-lawmakers-toy-with-the-idea-of-creating-a-digital-yen-202001250738
[2] https://www.cnbc.com/2017/09/27/japanese-banks-cryptocurrency-j-coin.html

why worry about Yuan whether this will be achieved really where I once imagined that there are no more ancient payments like fiat money and turn into digital currencies using blockchain technology, this will be good for bitcoin and crypto because it starts from here, their society will know blockchain technology and finally get to know bitcoin and other crypto, even though they don't support bitcoin and other crypto but I'm sure they make digital currency for their own country will let their people know about bitcoin and crypto, believe me it's a free promotion to introduce bitcoin , I will clearly support this and hope that other countries also follow using digital currencies  

not all of us are fan of anonymity, there are people who like to have something easier to make payments across the world and legalized.
there are so many reasons why japan is afraid of it. china is the leader in the world economy which means their deed will influence the global. they create a tokenized currency and if it is used by people globally. it will affect them fundamentally and it could lead to a restriction or limited growth at some point(manipulation) for the country.