Bank of Japan (BoJ), one of Japan’s central banks, has put the development of a central bank digital currency (CBDC) on top priority since July, according to a report in Japan Today. As per the report, members of BoJ hoped to see its digital currencies operate seamlessly during times of natural disasters and especially during power outages, but Japan Today primarily stated that the Japanese digital currency movement has gained momentum because of a “slowdown in global productivity” from the coronavirus pandemic.
The possibility of asserting its currency on the international stage has likely pushed China to become a front-runner in the digital currency race. If a digital yuan, currently under trial, were to be widely accepted it could streamline commerce and increase financial inclusion.
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