During the 4th quarter of 2020, Japan’s largest financial firm (MUFG), also the fifth-largest bank in the world will kickstart the launch of its own digital currency, that is if everything goes as planned.
The origin of this project dates back to 2015 when the founders announced that the digital currency was going to allow for peer-to-peer transactions to be carried out seamlessly and that the currency was going to run on a Blockchain network.
According to Kozo Yamamoto, the Liberal Democratic Party (LDP) Member of the House of Representatives and a former official at the Ministry of Finance, the government is embracing digital currencies as a technology that will play a crucial role in preserving the value of the Japanese Yen.
In all this, an objective take-away is the fact that digital currencies will be an inevitable part of every leading nation’s economy. In Asia, China has successfully tested digital currencies, and in one of our recent reports, it was confirmed that the bank of England is also working to see that a digital currency of some sort is put in place as soon as possible.
At this rate, it won’t be long before government-backed digital currencies become a national alternative to Fiat in most countries, especially in places where inflation is a continuous problem.