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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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Brazil’s central bank president says CBDC will be ready by 2022

Brazil Central Bank President, Roberto de Oliveira Campos Neto, announced that plans to have a digital currency by 2022. In an interview with Bloomberg Markets’ Editor, Erik Schatzker, Neto said that Brazil’s central bank digital currency or CBDC will modernize the country’s banking system. According to Neto, Brazil’s central bank leadership in 2019 led to much innovation and the creation of the BC Agenda; this came at the same time Neto became the central bank’s president. The BC or Banco Central policies were initiated to modernize the Brazilian financial system and to promote an instant payment system, which according to…

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