Bitcoin Forum

Following the announcement by China to launch its digital yuan, Japan is also planning to start its own cryptocurrency, a new report states.

China started planning its digital Yuan project known as the DCEP (digital currency electronic payment) after Facebook announced its intentions to release Libra.

At the moment, China is close to releasing a digital version of Yuan and Japan is following this step.

Lawmakers of the ruling party in Japan are planning on presenting a proposal that Japan should have its own central bank digital currency (CBDC), a digital version of the yen.

According to Norihiro Nakayama, the parliamentary vice minister of foreign affairs in Japan, they will first look into the idea of sending out a digital yen.

read more : Paperblockchain -Japan to begin its own national cryptocurrency   (https://paperblockchain.com/japan-to-begin-its-own-national-cryptocurrency/)

Seems somewhat pointless - a centralized digital representation of fiat. Just use a database.

For everyone in this market for a long time we have seen every shit show we will see with a new market, we have seen the old IPO scams recreating in the name of ICO projects and now we will see a shit storm of digital currencies from every countries with a blockchain attached and then they proclaim that they stand for innovation and in the next ten years we will come to know how these shit show will go.

These things are bound to happen but it's quite surprising that they are planning this early without finding out first if China and Facebook will have huge success if these three coins succeed, we will see more countries creating their own and making this a worldwide trend.

it is not useless my friend
it will make things much much easier for the country and for cryptocurrency ecosystem too
most of the people here think that fiat money is so bad and gold/crypto is the best solution
but its not the case actually
we need fiat money too its a good tool
before fiat money there were many problems in the economy that it solved
now digital fiat currency will solve even more problems
cryptocurrency ecosystem will work as an intermidiare and will gain a lot of attention, usability and price

Transitioning currency to digital is already been implemented to many currencies. The only thing that hasn't is utilizing the blockchain technology and making these currencies, a cryptocurrency. In the case of Japan and China, they are now making slow big step into making the world adopt cryptocurrency even better. But do we really need to create cryptocurrency per country? If so, this will enable people to easily enter worldwide market, and I am pretty sure, these countries are aware of that.

As expected, soon more countries will develop their own digital currency its a good adavantage for crypto adoption slowly people will know that the technology already existed. Slowly were in the phase financial transition.

What a nice change Japan made by making its own crypto.
Indeed many people are not happy and say useless, but I think this is a good step for the Japanese government to overcome and deal with changes in the world, especially in the payment system or currency, where the blockchain is a surefire solution in overcoming the current financial system.
Don't just take the negatives, a lot of positive things will happen if countries adopt blockchain into their currencies, regardless of the issue of centralization or decentralization, that is just a choice in my opinion.

Why pointless? we are going towards a  more modern technological advancement and so far digital currency has been the talk abouts these days. Based on the report, I dont think it's a bad idea provided that they can implement some rules or guidelines on what to expect when its done. Especially the case for businesses who will avoid tax for this. Taxation is the main concern of most government which is why they wanted a good ruling for cryptocurrency.

Japan is really positive towards blockchain technology and crypto adoption. They even encourage other country's government to explore more on blockchain and implement law regarding cryptocurrency. It's no surprise that Japan will also end up developing their own digital currency since they're positive with it and to think that Japan is one of the most advanced and developed country, they don't want to be left behind. Although creating own centralized digital currency is still the same with their current currency yen, they are just going to make it digital. But I'm just wondering if it will affect decentralized crypto like bitcoin, are they going to be hard and strict with using it when they have finally developed their own digital currency?

But overall, I find it a big step for adoption. More countries are trying to move and adopt from traditional fiat to digital currency.

And now the start of crypto era virus is starting to spread one by one in different governments, first the China and now Japan will follow the lead of China in creating it's own currency.

With this move many will become aware of crypto existence and it will surely bring a positive response to the crypto society as their curiosity to crypto will surely bring them to bitcoin and other altcoins out there and not only to their own crypto currencies. If Japan will not banned the use of other currencies aside from their currencies then it will favor to us.

This is good news for the cryptocurrency market, governments have realized that they cannot stop the cryptocurrency and the best way is to participate in it.
Cook China and Japan jointly release the cryptocurrency perhaps everyone in the world will have a more positive view on this market.

Perhaps a government issued currency will look like fiat, I think if anyone wants to own that country's fiat why they don't buy fiat directly instead of buying cryptocurrencies.
While cryptocurrencies are easier to maintain and move than fiat, there are few countries that accept cryptocurrencies as a currency, so it is difficult to participate in payments.
Of course, if China issues the cryptocurrency, it will be the best advertising display for the market.

i also expected that it will possible to happen very soon every country will make thier own crypto currency and its backed by fiat money.
The bad thing about this is bitcoin adoption might reduce since more of the country may prefer to use thier own crypto than using bitcoin.
 But still bitcoin will be in circulation and it will never stop even many country will make thier own.

This might be a shocker for everyone and most probably this currency will succeed in future as Bitcoin has already gained a lot of popularity across the globe, people will even prefer to buy this Japan currency as well. However it's clearly seems that crypto will become a mass adoption and everything will go on cryptos way.

I think it is overwritten. Because, while there is a possibility that such an idea may exist, you say that Japan begins to create its cryptocurrency. And where did you find what Norihio Nakayama said? I could not find any link in the article about it. Just I was able to find that tnw wrote an article about it before you- https://thenextweb.com/hardfork/2020/01/24/japan-working-own-digital-currency-compete-facebooks-libra-china-yuan/

I think in the future ,where it will be very easy to transact anywhere rather than having to bring a lot of money to travel abroad with crypto more efficient rigth mate ,although its fiat but exchange will flow in crypto trading to bring a broader and stronger economy too to country also a step that is nice

Those countries are just trying to transform their currencies from Fiat to digital ones to ease means of transactions involving huge sum of money anywhere globally as you rightly said, however those digital currencies are centralized thus are in control by the government.
well it is a welcome development once they are tradeable with bitcoin in exchanges good for traders to earn profits.

I'm not surprise with this news, Japan is an active country that always accept and grow with technology, their real enemy is China. Good news for crypto world but bad sign for us as users, let see the simple explanation. If they can and success with their own coin they will abandon crypto coin, crypto market will lost value and volume because of this. We only hope crypto accept and used around the world, if they can create their own coins it will become disaster and crypto will abandon.

It seems like Japan doesn't want to be left behind in launching its crypto currency, but the question is whether every central bank will make it decentralized? Or centralized? Because if the government has entered this industry, then surely they will control it fully with strict supervision, that means KYC will be required.

Japan has always been the number one country in Asia in terms of technology, bitcoin was also born in Japan, so I wasn't surprised to hear that Japan will have its own crypto currency

I believe that the amount does not change due to a change in terms of terms because who needs a centralized currency? This is not at all what I would like from this technology.

It looks like so many governments have already supported the central banks in the various countries to issue their own crypto. What has already done by japan is a very good decision.
https://bitcoinexchangeguide.com/bank-of-france-gov-central-bankers-should-issue-digital-currencies-not-private-companies/

This has already predicted in 2017 if fiat money will be coming to its end.
https://mises.org/power-market/deutsche-bank-fiat-money-world-may-be-coming-end

as I know Japan has already appeared first with MUFG, this coin is comparable to CBDC in China, if it doesn't function in the circulation of large banks, they only need to continue what they have created seriously. What they don't yet have is one level of payment coin with DCEP. Japan will no longer put it in the original draft proposal for too long if they really want it.

Digital yuan? Seems good to hear. Since China made a decision to make their own crypto coin, Japan will not going to missed this new trend, new technology which is integrating blockchain and having their own crypto coin. Whatelse do we expect? We all know Japan is really good in advanced technologies. I just do hope this will turns out well.

It is a great news for cryptocurrency, If this will happen soon maybe crypto adoption in the whole country will be happening soon, Last time I knew china is already starting to tokenize their own currency maybe they will launch anytime soon. With this great news, I hope crypto adoption will spread in the whole world. I'm excited who will launch first is it facebook libra, china, japan? I made a thread about china digital currency before if you want to read here's the link: https://bitcointalk.org/index.php?topic=5188288.0

This is good for both japan and crypto because we know japan is a developped and powerfull country in technology and this will give crypto more credit and expand the use of crypto on online market and sure other countries will follow.

Yes, it can surely develop its own cryptocurrency and they are working on it in response to facebook’s Libra but I read somewhere that there are certain hurdles that they are facing in there way so they first have to deal with them. But as you said that they are on the top in the development of technologies, they will soon deal with their problems and Japanese digital currency will be in market.