Kozo Yamamoto is head of the Liberal Democratic Party’s council on financial affairs.
Said yesterday he would ask the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC)
- doing so could provide a chance to reform the Bank of Japan’s existing mandates and enshrine its inflation target
- said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.
- “If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening,” he said. “This is fundamentally about protecting Japan’s currency sovereignty.”
Info via Japanese media.