Japan’s CBDC Initiative Is Most Welcome, Says Monex

Monex is Japan’s one of the mega financial services which had been headed by Oki Matsumoto as its Chief Executive Officer.

In a press statement issued on Thursday, Monex’s CEO had stated that the financial service company would welcome Japan’s CBDC. He stated this when he learned that the Japanese Government had shown its willingness to develop its own CBDC.

A while ago China had developed its own CBDC based on its national currency, the Chinese Yuan. After that many countries started to think about developing their own cryptocurrency. The issue was also highlighted in America before the US Presidential Elections 2020. However, the US Administration at that time had refused that it does not require to follow in the footsteps of China. But thereafter many countries had started undertaking the project and a few more CBDS are expected soon.

However, this time it was Japan which had indicated that it wants to develop its national Yen into CBDC. Japan’s national bank, The Bank of Japan, indicated a while ago that it had started to work on the project. It was told that by the year 2021 Japan too would be able to conduct testing of its digital Yen. But the Bank was of the view that it would require major help from the private sector for making the project successful.

Thereafter many businessmen from Japan’s private sector ensured the Bank that they will provide the required help when the time will come. One such prominent business entrepreneur was Oki Matsumoto, the CEO of Monex. A press statement was issued today which highlighted that Matsumoto too had welcomed the initiative of launching digital Yen. He also said lauded the aim of the Bank by saying that the step is essential for adopting innovation and technology.

He added further that to him there is no harm in developing a Japanese digital Yen. He stated that the induction of digital Yen will bring local and foreign direct investment into Japan. This will further create an environment of fair competition amongst existing cryptocurrencies and digital Yen, he stated.

He also highlighted the issue that large number of small crypto-exchanges operating in Japan do not hold any bank accounts. According to him this creates a problem when someone is trying to cash out crypto into Japanese Yen. Once the Japan’s CBDC would be in place, the problem will be eliminated automatically.