Japan should launch a digital yen to counter China’s digital currency, say lawmakers www.technologyreview.com

Influential lawmakers in Japan’s ruling party are concerned about China’s plan to launch a sovereign digital currency, and have called on the nation to prepare to issue its own in response.
“How should we respond if such a foundation collapses and if [China’s move] gives rise to a struggle for currency supremacy?”A digital yen?
To keep up, Japan should aim to create a digital yen “within two to three years,” Kozo Yamamoto, another senior member of the party who heads its research commission on finance and banking systems, told Reuters.
“The sooner the better.”Control and stability: China is poised to become the first major economy to issue a sovereign digital currency, but many central banks are also working on the technology or at least exploring it.
“Japan should work in close coordination with the United States,” said Amari.