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Japan accelerates rollout of a digital version of yen

Bank of Japan (BoJ), one of Japan’s central banks, has put the development of a central bank digital currency (CBDC) on top priority since July, according to a report in Japan Today. As per the report, members of BoJ hoped to see its digital currencies operate seamlessly during times of natural disasters and especially during power outages, but Japan Today primarily stated that the Japanese digital currency movement has gained momentum because of a “slowdown in global productivity” from the coronavirus pandemic.  The report cited other reasons for the urgency behind the creation of the CBDC, like the threat from…

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