Japan to abandon national cryptocurrency

Representatives of the Central Bank of Japan have announced the abandonment of plans to create their own cryptocurrency, a decision made due to the lack of interest from the public.

As it has become known, Japan is currently planning to create a research group that will once again carefully study all the pros and cons of the possible launch of a national cryptocurrency. However, as the Central Bank of Japan emphasized, cryptocurrencies are not a priority area for the development of the country’s domestic and foreign economy.

According to a survey of Japanese citizens, the majority of the population is not interested in digital currency, as the Japanese already have access to a large number of cheap and efficient online banking services and digital payment tools. «Despite the growth of digital payment methods, the use of cash continues to dominate in Japan. This is especially noticeable among the elderly aged 65 and older, who make up about a third of the country’s population,» the Central Bank representative emphasized.

Despite the refusal to introduce a national digital currency, the Japanese government has passed a bill to regulate the turnover of stablecoins. This was done to protect the interests of traders and investors. The country became one of the first to grant stablecoins the status of a digital currency. From now on, their value is pegged to the yen, and coin holders have the right to exchange digital assets for fiat currency at any time.