Feb 24, 2020 06:45 UTC
Feb 24, 2020 at 06:45 UTC
Japan ventures deep into Crypto digital asset management
The existence of a system has a lot of factors that need to be taken care of before it becomes mainstream. That involves a lot of testing, tons of research and a lot of patience to successfully implement the process on a full-fledged scale. Now there are a lot of Countries that are planning to improve their financial conditions and improve the technological connect that they have so far in the world. Cryptocurrency is the most recent hotspot to get things cleared and certainly has a lot of potentials.
The Potential needs to be tapped right:
Knowing that Blockchain technology has a lot of power to make and revolutionize digital payments, Many countries have started to implement and test run them in their very own financial platforms. One such eminent country and much-anticipated one is definitely Japan. Japan recently made the big news by acknowledging their interest in the implementation of the digital cryptocurrency into their financial mainstreams.
Central Bank Digital Assets (CBDC’s) is one of the most interesting technological achievements of blockchain technology in the financial stream. There is a lot of initial list of checks that need to be covered before the actual implementation of the plan in the source. Japan has been having a lot of interesting theology in regard to implementing the CBDC system and they are making sure that they leave no stone unturned in making sure that the technology would be safe and sound for almost any type of digital transactions.
Who together are making the final call?
The various financial heads of the country that included the Ministry of finance, The Financial Service Agency and the Central Bank of Japan recently held a meeting to make sure that they are covering almost all the aspects of the situations and are also trying to go through the various compatibility mismatch that the company is trying to get their hands on.
The compatibility issues are of major concern for the meeting council as this kind of payment is entirely new for the Country and any new and staggering move to the already existing financial structure of the country. The digital currency of the country called the digital yen is definitely being backed up by one of the most sophisticated sets of coding one could ever lay their hands on. But the question is will the digital currency be able to adapt to the other currency prevalent in the market.