Japan is worried about the soon-to-be-released Chinese CBDC, as it might disrupt the global economy. Local lawmakers suggest developing a digital yen to counter it
Maurizio Raffone, chief financial officer of blockchain firm Credify, who is also based in Tokyo, shared a similar sentiment, arguing that the digital yuan might fail to dethrone the American dollar in the near future:
“At least in the next few years I don’t see a digital Yuan replacing the USD. China would need to remove currency controls on the Yuan (as it would be pegged to the digital Yuan), implying some degree of loss of control over monetary policy, which is something the Chinese government simply won’t do.”
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