Digital Yen

in Project HOPE4 years ago

The use of Digital Yen is currently being tested by the Bank of Japan to investigate the feasibility of using it as well as the technical issues of using it.

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With cryptocurrency that has the potential to rise above inflation, different countries may seriously explore the possibility especially with the falling value of fiat currency due to inflation and over-printing of currency.

The use of blockchain technology is one of the considerations for Digital Yen.

For faster transaction without consensus can be faster but the possible cyberattack while consensus can be achieved with slower transaction.

The bank would need to consider the pros and cons of both before they can make a decision.

With China creating their own Digital Yuan, this move is probably a way not to be left behind but stay competitive.

Cyber-security may often be the main concern when there is a decentralised system.

As a bank, it is important to ensure all corners are covered before rolling out to the public.

Reference Article:
https://blockchain.news/news/bank-of-japan-testing-digital-yen-cbdc

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Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.

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Well they've had a dead economy for what 20 years now and it never recovered from the mass QE they did, A CBDC would allow them to run modern monetary policy which would have far reaching social implicaTions and stripping away of freedoms but okay, lets see how it all works out

It may help them if it is successful.

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But at what cost? Numbers on a screen shouldn't come at the price of personal freedoms and liberty IMO

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This is so surreal knowing how there'll be digital yen. I am currently reading Neuromancer and there's this digital Yen concept as the main currency cause in that cyberpunk society, cash is illegal.