Bank of Japan refuses to issue digital yen
The decision was made due to a lack of public interest
03.08.2022 - 13:00
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What’s new? The Bank of Japan has abandoned plans to issue a digital yen due to a lack of public interest. According to the regulator, most citizens prefer to use the services of private banks and digital payment systems because of inexpensive service and additional bonuses such as cashback. The adoption of cryptocurrencies in Japan remains at a low level, and cash remains the primary method of payment, as one-third of the country’s population is aged 65 and above.
What else is known about the situation in Japan? Cash accounts for a total of 20% of the country’s nominal gross home product. The long-standing reduction in the retail deposit interest rate has led to cash hoarding instead of using bank deposits. This situation prevents cryptocurrency exchanges and Web 3.0 projects from entering the market.
In June, Japan’s parliament passed a bill clarifying the legal status of stablecoins. According to the document, stablecoins must be backed by any legal tender and guarantee owners the right to redeem them at face value. In fact, this means that only licensed banks, companies, and funds will be able to issue such assets.
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