Japan intends to create its own cryptocurrency

Japan intends to create its own cryptocurrency

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  1. If their CBDC works like a stablecoin, it will make the entire commercial retail banking system obsolete overnight.

    Who would want to hold his fiat in a commercial retail bank, with all the extra risk, if they can hold it directly with the central bank?

    If their CBDC does not work like a stablecoin, other parties will issue the stablecoins, and then their commercial retail banking system will also gradually become obsolete.

    Who would want to deal with the commercial retail banks and their obnoxious KYC/AML if they don’t have to?

    Hence, all roads lead to Rome.

    I am sure that the central bank will also extensively bungle their response while trying to fend off the inevitable.

    Therefore, whatever the central bank wants to do, let them just do it. As Napoleon said: Never disturb your adversary while he is making a mistake.

  2. tldr; A consortium of approximately 70 Japanese companies is aiming to launch a yen-based cryptocurrency in 2022. Unlike other cryptocurrencies, which are not regulated, this digital currency will be backed by three of the largest banks in Japan. The consortium and these three banks will begin testing the new cryptocurrency in the coming months.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. the sentence isn’t even logical. it’s a non sequitur. a nation state cannot “own” a cryptocurrency. either everyone has access, or it’s just another fiat and does NOT need the cryptocurrency design features.

  4. 1 Bitcoin went from being 1 yen sometime at the beginning of this decade to over 6 million yen today.

    Never let a government dictate the value of your currency. It always goes to 0 because governments cannot be trusted with money

  5. It’s tough to know if these companies still don’t get what makes bitcoin better money then all fiat in existence or they are just trying to confuse no coiners into thinking this is such a revolutionary thing they’re doing . Governments can not compete with bitcoin monetary policy , they’ve already lost .

What do you think?

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