Parliamentarian Kozo Yamamoto: authorities need to revise law to launch digital yen

Japan’s regulatory framework must be changed to launch the digital yen, said Kozo Yamamoto, head of the country’s Liberal Democratic Party’s Financial Council.

In particular, it is necessary to revise the regulation defining the powers and responsibilities of the Bank of Japan in the matter of job creation. “Like the US Federal Reserve, the Bank of Japan must mandate job creation and inflation rates of no more than 2%,” Kozo Yamamoto told Reuters.

Recall that in July it became known about the creation of a new division of the Bank of Japan, which will cooperate with other credit institutions and European financial centers to accelerate the launch of the digital yen.