Japanese Lawmakers Plan to Submit a Proposal About Crypto

Japanese Lawmakers Plan to Submit a Proposal About Crypto

Japan was not overly enthusiastic when it came to cryptocurrency. The ruling Liberal Democratic Party announced from time to time that they look to digital assets with the utmost caution. There are so many questions – they said when it comes to personal security and money laundering. The authorities preferred to take little steps until the regulation system became stalwart. However, they allowed the trade.

It seems the situation may change soon. Liberal Democratic Party contemplates the proposal of a national digital asset in the spring of 2020. According to reports, 70 lawmakers from the Parliament are preparing their proposal, planning to submit it in February. The money laundering and data security still stay as the main obstacles, so they are trying to decide on the right regulations to avoid such crimes.

On the other hand, Japan’s Minister of Finance Taro Aso stated that digital assets aren’t an immediate priority in the foreseeable future. Though deeming the lawmakers’ work important, Aso said that digital currency must have credibility and convenience. According to him, there are no plans to issue digital currencies at present.

Research Group Plans to Study Digital Currencies 

The research group of global central banks announced their debut. They set out to study CBDCs. Other institutes will also participate in the process, the Financial Stability Board, among them. Benoit Coeure, Bank for International Settlements Innovation Hub director, and Jon Cunliffe, the Bank of England’s Deputy Governor, will sit as the group’s co-chairs. Their plan of researching organizations includes the Bank of Japan.

There are reports that Binance removed Japanese Yen from its exchange after stating its support for the fiat currency a few days ago. Binance spokesperson announced that until support for the fiat eventually launches through a partnership with the transaction processor Simplex, the yen will be restricted on the platform.