Japan should create its digital currency in the next two to three years, according to the Liberal Democratic Party, Lawmaker, Kozo Yamamoto.

A Japanese Cryptocurrency: 

The Sooner The Better. Yamamoto wants Japan to create its digital yen currency:

“The sooner the better. We’ll select suggestions to be incorporated in the government’s policy guidelines, and hopefully make it happen in two-to-three years,” he told Reuters.

A group of lawmakers, led by former Economy Minister Akira Amari, has also made similar proposals. The group revealed the necessity to produce a digital yen to counter regional rival China’s attempt to issue its brand of cryptocurrency.

China s Cryptocurrency Push:

China’s President Xi Jinping has prioritized the digital yuan as a prime innovation goal.

In October, Xi Jinping announced his intentions at a Politburo Committee session. 

"We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on several key technologies, and accelerate the development of blockchain and industrial innovation.”

The comments by Xi Jinping proposed the enactment of a framework for the creation of the digital yuan.  

The new currency is now ready for a trial. 

Japan, as well as other countries, wants to counter the effect of China’s digital currency moves.

Norihiro Nakayama, LDP member and Japanese vice-minister for foreign affairs said: “China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

Libra digital currency is also driving countries into developing their digital currencies.