TOKYO (Reuters) – A group of ruling party lawmakers are working on a proposal for Japan to issue its own digital currency, one of the members said, in a sign of alarm Tokyo is feeling about Facebook’s Libra and China’s drive to create a digital yuan.
FILE PHOTO: Japanese Finance Minister Taro Aso takes questions from reporters at the annual meetings of the International Monetary Fund and World Bank in Washington, U.S., October 18, 2019. REUTERS/James Lawler Duggan
The digital currency could be a joint initiative between the government and private companies that would put Japan in tune with global changes in financial technology, Norihiro Nakayama, parliamentary vice minister for foreign affairs, told Reuters.
“The first step would be to look into the idea of issuing a digital yen,” said Nakayama, a key member of the group comprised of about 70 Liberal Democratic Party lawmakers.
“China is moving toward issuing digital yuan, so we’d like to propose measures to counter…
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