Japan Is Taking Steps for Digital Currency

Japan is taking steps for digital currency. Japan has stepped up its moves to regulate digital currencies.

While Japan accelerated its diplomatic initiatives to regulate digital currencies, regulatory bodies from the G7 and G20 countries also called for stablecoins to have the necessary regulations. The Japan Financial Services Agency (FSA) set up a unit for the regulation of digital currencies last week to improve cooperation with other relevant organizations, while the Japanese Ministry of Finance announced that it plans to hire more employees on the subject. The Bank of Japan, which works on digital yen issuance, will also serve as a complementary function in the actions taken by the government. Many regulators around the world are concerned about platforms set up by tech firms as they are not subject to traditional banking rules. The Bank of England stated last month that as the use of stablecoins increased in payments, these companies should be subject to banks' payment regulation. It was informed that the new unit established in the FSA will work on decentralized finance and blockchain-based platforms, while taking office on July 8th. You may also want to read this : ECB: If We Do Not Switch To Digital Currency, We Will Lose Control