Toshihide Endo, former commissioner of Japan’s largest financial and cryptocurrency regulator, the Financial Services Agency (FSA), said the emerging digital yuan will have “huge impact“At the speed with which”developed economy “ start creating their own central bank digital currencies (CBDCs).
Toshihide Endo talks about the digital yuan
Endo, who joined the Japanese cryptocurrency exchange DeCurret as a special advisor in March of this year, said Reutersthat China “Will be armed with a huge community infrastructure”when they make their debut on the CBDC market.
Beijing intends to begin full digital yuan broadcasting ahead of the Winter Olympics to be held in Beijing next February. It is worth noting, however, that the currency – in the test version – is already on the Chinese market.
Endo, also an advisor at Sony, now said:
It would be a move difficult for other nations to ignore. Japan and other advanced nations will face the difficult question of how fast they should move [za Chinami].
It is worth noting that the heads of the Central Bank of Japan, like their counterparts in the European Union, Russia and South Korea, have not yet launched their own CBDC pilot programs and avoid clear declarations related to the issuance of digital currencies. It is logical, however, that many countries around the world fear that Beijing’s progress in the CBDC sector will delay them in this field.
Tests in China
China’s digital yuan test now covers a large part of the country and all of the country’s largest banks, as well as many private sector players. At least four banks have developed digital e-yuan wallets. Others are exploring offline solutions, which means that the “new” yuan can also be used without the use of smartphones.
Meanwhile, Singapore’s central bank and the country’s chief financial regulator has launched a novel approach to engaging private sector companies in retail CBDC solutions. The authority wrote in the official announcement regarding the competition that about 15 finalists – fintech companies – “Will receive mentoring from industry experts” and access APIX Digital Currency Sandbox for the purpose “Rapid prototyping of digital currency solutions”. The three winners will also receive cash prizes worth more than $ 37,000.