KANALCOIN NEWS – Japan and several central banks are collaborating on digital currency research. The Deputy Prime Minister of Japan investigated the importance of the research. Japan’s political party, Japan’s ruling Liberal Democratic Party, is drafting a proposal for publication aiming to propose a national digital asset in the spring of this year.
The parliamentary group consisting of 70 members is rumored to be submitting their proposals in February. They will also note how the currency will act in light of concerns about the security of individual data and money laundering. The decision by Japanese lawmakers coincided with the debut of a global central bank research group.
It also includes the Bank of Japan (BOJ) which will study the possibilities and limitations of central bank digital currencies or CBDCs. The Financial Stability Board will also participate in this effort. Benoit Coeure, Director of the Bank’s International Solutions Innovation Hub, will serve as co-chair of the group. Together with Jon Cunliffe, Deputy Governor of the Bank of England.
Meanwhile policymakers are showing signs of interest in the CBDC. As Taro Aso, Japan’s Minister of Finance and Deputy Prime Minister, said that issuing such assets was not an immediate priority. He noted the importance of CBDC collaborative group research efforts. Aso also added that digital currencies must have convenience and credibility.
Although he had said there were no plans to issue a digital currency at this time. Tokyo-based crypto exchange and Coincheck Wallet completed Lisk’s first payout (LSK) this week totaling 2,251.9 LSK or the equivalent of 1,800 US dollars. The exchange first, announced the ability to stake Lisk on January 9.
While staking rewards are a by-product of the proof-of-stake consensus algorithm. This product was first introduced by Sunny King and Scott Nadal through the Peercoin (PPC) white paper in 2012. In such a system, token holders can stake their assets to help maintain the network. Also receive interest from their holdings in return.
Japan is also actively working on a version of its national digital currency amid China’s plans to digitize its economy. There are also concerns about the rising risk of Facebook Libra and China’s move towards issuing digital yuan. Japan’s Foreign Law Parliament Representative, Norihiro Nakayama, said that Japan’s national cryptocurrency could be developed with the joint efforts of the government and private companies.
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