Bank of Japan: digital yen will only appear with public approval

The national cryptocurrency of Japan will appear only if approved by the public, said the head of the department of payment systems of the national central bank Kazushige Kamiyama. According to the official, the new asset will only supplement the existing money, but will not replace it.

“Cash and digital currency will coexist,” said a spokesman for the Bank of Japan, explaining that this trend is facilitated by an increase in the number of non-cash transactions due to the development of coronavirus infection.

At the moment, the department is discussing the issue of cooperation with fintech companies that could contribute to the distribution of the digital asset among the population, if it is launched. In particular, it is decided whether such intermediaries should have accounts with the Bank of Japan and a specialized license.