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Liberal-Democratic Party of Japan proposes state-issued digital currency

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The Bank of Japan announced on January 20 that it had established a group for joint research into the issuance of a central bank digital currency (CBDC) from major central banks. This comes as China prepares to go ahead with its own national digital currency. It appears that the LDP has been preparing its own legislation as a possible response.

According to Nikkei’s report, “what drew the LDP’s interest (in digital currency) was the protection of personal data.” Digital currency can be linked to individual identities and carries the risk of infringing on personal privacy.

In addition, there is a need for measures to combat money laundering. Digital currency makes it possible for the risk of exposure to cyberattacks to increase, as well as the theft of large amounts of currency and the creation of counterfeit currency. The Japanese government’s measures are “closely linked to the Act on the Protection of Personal Information and criminal law,” and it seems that the LDP is moving forward with preparing new legislation. The LDP “expects development, support and training by startup companies and other entities for blockchain technology to be incorporated” into proposals for state-issued digital currency.



OhNoCrypto

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Masayuki Tashiro, Khareem Sudlow