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Ruling party lawmakers in Japan are reportedly working on a proposal to issue a national digital currency, Reuters reports on Jan. 24. This appears to be a response to fears of a Chinese digital yuan.

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https://worldpublicityblog.com/index.php/2020/01/25/japans-lawmakers-are-reportedly-working-on-a-proposal-to-issue-a-national-digital-currency/

Why are they afraid of the digital Yuan?

Also, this digital national currencies are not guaranteed to work on a blockchain. And if they does, they might bring a slight pump to Bitcoin, but that's just it. First, they're a separate, considerably an altcoin of sorts, run by the government. Second, they're regulated and centralized, contrary to what most users here want (anonymity).

Hm, interesting. It might be just rumours, though, or this research can conclude that there is no use in such a digital currency. I believe that's what happened in other countries that looked into similar possibilities.
In case they decide to implement it (which is not likely, I believe), I wonder how it would affect their policies regarding Bitcoin. As far as I know, Bitcoin is currently pretty much legal tender there, but it would probably change if Japan opts for their own currency, right? What do you think?

Japan is most bitcoin friendly country in the world. May be Japanese legislative now think that its time to go hard on bitcoin as other governments are doing. Not many governments in the world are bitcoin friendly.

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.

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  ;)

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

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.

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.

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.

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 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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

This is to be expected since they are a crypto friendly nation and wanted to fully take advantage of the blockchain technology.  


This is simply show Cryptocurrency friendly nation know the benefit from this kind of technology and wanted to use it in their own country, aside from that they also wanted to have a digital currency that hey can fully control.

This just goes to show that more and more countries realize the use of cryptocurrencies above anything else. Most of all, we know Japan is doing its best to ensure a stable economy while maintaining a clean environment. That being said, this may be a step to that goal Japan's trying to reach. Digital currency = less waste when creating money and coins. I think this is the start of a globalization.

It is pretty much obvious all big countries are working on their digital currency. Some are more motivated then others. So far only Venezuela showed us something. It is a long way for everyone else.

That is a good news for the world of crypto, well, Japan is most likely the best when it comes to tech and in any kind of business and it is a huge step for them to do something like this and hopefully, more and more country will follow the lead and adaption will be all over the place.

They were the first to have adopted BTC but they were too slow to decide to developing their own digital currency. China is the first to have decided go take action like digital yuan. You can see here that China is setting up that future for where the economy will go and Japan seemingly approved of this. Asian markets are the first to make national currencies in the trading markets.

I think the coin race has begun the only surprising thing is that the giant USA is somehow way behind in this race but it could be that USA is launching Libra as a state coin in the background because Mark zuckerburg of facebook has steong backdoor relations and contacts with American govt and agencies so this can be true, otherwise we would have atleast heard about the launch of US national usd coin by now.

Japan is a very popular country as it has very good technology and the fact if the proposal to issue the digital cryptocurrency to follow the trend that is happening right now. It's better to take a chance to be an early player rather than come to the zone when it became a popular field. I guess if the digital currency can be considered as a really good alternative to the fiat currency.
That's just a matter of time until more countries will try to follow this as when major players have made its move and small players will also try to do that but not for this time.

Donald trump does not really show us any great interest in the digital markets of the decentralized cryptocurrencies. This might make USA back in the race as they have to intentions to do the same. Even they have already banned some Initial Coin Offerings which has made it even more clear that they would hardly generate any of such coin to be their national coin.

Speaking in terms of Libra coin, it is mainly developed for the facebook community. Rather than the strong relations of Mark Zuckerburg with USA, I do not really think they might accept Libra coin as their national coin. This news from japan is really a good one and I really hope that more countries should too start creating their own national coins like Japan and China.

This is what probably is going on with Japan. They wanna create a cryptocurrency or a digital currency at the very least specifically made to cater their local population. Few countries especially those allied to Japan might ride the wave as well if this proves to be useful. Which in turn is a good way to rightfully start up the revolution from fiat to a new age cryptocurrency. Hope to hear from this project soon snough.

So many rumors about countries coming up with their own digital currency after the digital YUAN news. I think all these central bank digital currencies won't be built on blockchain at early stages, but with time they will see need for launching these national digital currencies on the blockchain.

I also heard that China is also in the process of launching a cryptocurrency, so if it happens then it will certainly be a big hype to help this market grow. I hope China and Japan will create a great cryptocurrency and apply it to their banking system, from which everyone will have easy access to blockchain and people will easily know and invest in it this market

+ Another country that wants to make its national cryptocurrency that no one will need, but this is good news for those who are crypto enthusiasts. those countries that create their national cryptocurrency - attract the attention of ordinary people to this market. Of course, creating a state cryptocurrency is very difficult and most likely they will spend a lot of time on it, but for us it’s good

Is this really serious? I was aware that china has been planning to launch their own cryptocurrency to support national in-boundary transactions but not this news is been coming from Japan too. Japan too is a highly developed country with holding most of the tech driven community. Launching their own digital coin or currency might even make cryptocurrencies more usable in the daily transactions.

This would indeed be a beneficial factor for Japan and it should drive some motivation amongst other countries too. Imagine if each country launches it's own cryptocurrency to support the offline transactions than how soon we will see huge growth in the crypto markets.

adoption is the main thing. otherwise it will not have any value. Japanese and Chinese have been rivals since ages it should not only be rivalry, governments should focus on cryptos more than ever as we are using the our bank cards anyway in our usual life. 

I do not understand that goverment and national experts do not understand the real purpose of cryptocurrencies. To decentralize way of payment, to process payment without intermediary. Do they working on that? No!

there is no relationship with the yuan, because crypto and currencies in the real world differ in every aspect and function. but if they really are going to do it, it can have a positive impact on companies that plan their own digital currencies, I mean have a positive impact on the adoption of blokchain technology.

We just hope it will materialize.it will be a big help for the community to promote and propagate Cryptocurrency, it will make those unbelievers to believer once they see that two superpowers creating their own Cryptocurrency, their curiosity will arise, and they will do their research on what's on Cryptocurrency and what is Bitcoin.

It's a welcome development for cryptocurrency industry and have the tendency to increase the level of awareness about the digital currency industry. I have the conviction that before long, more countries would join Japan in the establishment of national digital currency.

This only means that they fully welcome the future of digital payment s and they are already preparing for it by proposing a national digital currency. I cannot say that it is a good news for crypto lovers or not as it only means that they are avoiding the existence of crypto currencies and they want to create a currencies that they have a controlled over it.

But right now, I guess it will hype the crypto prices as of the moment as many will surely dig about digital currency upon reading this news .

I would even be surprised if Japan did not work on the issue of its national stable coin. Now many states plan to issue their own national stable coin. Many governments are trying to use blockchain technology, in addition, they are thus trying to distract their population from the growing interest in a decentralized cryptocurrency. Although the Japanese government has always been friendly to decentralized cryptocurrencies, the interests of the state are above that. In addition, the use of one's own stable coin will also be useful for the economy of any state. Japan simply does not want to stay away from this process.