Many Asian countries are about to introduce Central Bank Digital Currencies (short: CBDCs).
The following Asian countries are working on CBDCs right now:
- South Korea
But even more Asian countries are about to follow!
Now, there are new developments regarding CBDCs in Japan and Vietnam.
Japan is moving forward to launch a CBDC. Hideki Murai, head of the ruling Liberal Democratic Party’s panel, stated in an interview with Reuters:
“By around the end of next year, we’ll have a clearer view of what Japan’s CBDC would look like.”Hideki Murai, Head Of The Ruling Liberal Democratic Party Panel
Murai also stated that a CBDC would significantly impact the financial industry in Japan. The bank of Japan started its first pilot program for a CBDC in April 2021.
But we see very similar developments in Vietnam. Vietnam’s prime minister, Phạm Minh Chín, has asked Vietnam’s Central Bank to pilot a cryptocurrency scheme. According to Vietnam News, the pilot will be carried out between this year and 2023.
However, back in 2018, Vietnam’s State Securities Commission highlighted the risks of cryptocurrencies regarding money laundering.
But Vietnam’s central bank has recently asked credit institutions not to use cryptocurrencies as a form of payment. So, Vietnam sees the importance of keeping up with new technologies and innovations. The government is looking at how to use blockchain technologies for its own advantage.
Things are getting clearer every day: Asian countries drive the CBDC movement!