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Japan ruling party lawmakers urge government to issue digital currency

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Akira Amari, Japan’s Minister for Economic Revitalization and Minister for Economic and Fiscal Policy, addresses the session ‘Japan’s Future Economy’ during the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 23, 2016. REUTERS/Ruben Sprich

TOKYO (Reuters) – A group of Japanese ruling party lawmakers urged the government on Friday to issue Japan’s own digital currency to counter China’s plan to create a digital yuan.

The group, led by party heavyweight and former economy minister Akira Amari, will submit a proposal to the government on Friday.

While Japan is unlikely to issue a digital currency any time soon due to technical and legal hurdles, the move comes in the wake of a decision by the Bank of Japan to join five other central banks to share expertise on such currencies.

Reporting by Tetsushi Kajimoto; Editing by Tom Hogue

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via Reuters