us

85.208.98.200

After China, Japanese Officials Considering to Introduce Digital Currency too

china Digital currency

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts of the state will probably result in a cashless future. It has been a few years since the Chinese government shed light upon the efforts of digitising yuan. Now, the first ever digital currency issue was led last week as a lottery prize for the winner. For the lottery, nearly 2 million people applied and 50,000 people actually won. All the winners were awarded the digital currency.

Winners can download digital renminbi application to receive the digital asset and the currency can be used on over 3,000 retailers particularly in Shenzhen. Unlike Bitcoin, yuan is the Chinese currency that will be controlled by the central bank – People’s Bank of China. eWallets like Alipay will not be affected. However, both will work together along with other banks.


Until now, the Shenzhen ploy is the biggest digital asset ever issued but now the Japanese officials are also considering introducing digital yen. The former official at the Ministry of Finance in Japan, Kozo Yamamoto, says that the country needs to adapt its laws to grab better opportunities.

The official’s statement was recorded right after the Bank of Japan’s official announcement to introduce digital yen by 2021.

Related Posts

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started