Toshihide Endo, the former commissioner of Japan’s top financial and crypto regulator, the Financial Services Agency (FSA), has claimed that the forthcoming digital yuan will have a “huge impact” on the speed at which “advanced economies” roll out their own central bank digital currency (CBDC) projects.
Endo, who joined the Japanese crypto exchange DeCurret as a special advisor back in March this year, told Reuters that China “will be armed with huge social infrastructure” once it debuts the token. Beijing is intent on rolling out at or ahead of the Winter Olympic Games, to be held in Beijing in February next year.
Endo, also a Sony advisor, said:
“It would be a move hard to ignore for other nations. Japan and other advanced nations will face the tough question of how quickly they should follow.”
The chiefs of the central Bank of Japan, like their counterparts in the European Union, Russia, and South Korea, are still yet to launch their own pilots, and have shied away from committing to issuance. But all four are widely reported to be worried that Beijing’s progress in the CBDCs sector has left the rest of the field for dead.