As it is known, many countries around the world are conducting crypto money studies on their national currencies.Many analysts are critical of the prospects of success for CBDC initiatives however, with economist John Vas describing state-backed virtual currencies as “a defensive posture” against the threats posed by decentralized crypto assets to governments’ long-standing hegemony over monetary policy.
Here is the last situation;
Japan
In its first-ever reference to digital currency in the annual plan, the government urged the Bank of Japan (BOJ) to liaise with other countries to jointly examine its feasibility. “The BOJ will coordinate with other countries to consider CBDCs by examining and verifying technological tests,” according to the document, which serves as guidance for the government’s long-term economic and fiscal policies.
While the BOJ has said it has no immediate plans to issue a digital currency, it is conducting research with other central banks on the issue. Still, the pandemic may add momentum to calls for Japan to look into CBDCs more seriously, if more people avoid handling hard cash, and to move towards digital settlement, analysts say.
India
The Reserve Bank of India last year said it aimed to increase digital transactions to about 15% of gross domestic product by 2021, from nearly 10% at the time. The government is aiming for a billion digital transactions per day as the world’s fastest-growing smartphone market empowers consumers to transact at the click of a button.
Global tech giants such as Amazon.com Inc. and Alphabet Inc. are placing bets on India’s digital-payments market, which is forecast to quintuple to $1 trillion by 2023. To get a piece of that pie, they’re competing with Alibaba-backed local startup Paytm, and Facebook Inc.’s WhatsApp Pay — still in its testing stage in the country — among others. For now, the companies are racking up losses as they offer discounts and cashbacks to lure users.
Turkey
Turkey is set to introduce blockchain-based digital currency. Turkey will launch the currency after its design, development and testing phases are completed. Testing is expected to start in 2020. Turkey's program aims at creating a roadmap for the development of Fintech ecosystem in Turkey. While the number of crypto currency users exceeded hundreds of thousands, companies accelerated their investments with the decision of the Central Bank to issue "digital money".
Turkey on "the future of the world economy," the number of users of blockcha technology is defined as one hundred thousand while negotiating, Turkey to the Middle East and Gulf countries in this area "center of attraction" The number of companies which aims to make the rise.
South Korea
In South Korea, the Bank of Korea (BoK) has formed a Digital Currency Research Team, in order to proactively respond to changes in the payment and settlement ecosystem in the coming future. Our team is conducting advanced research in related technical and legal requirements. Based on these researches and trends in the development of CBDCs in major countries, we are promoting all preparations for the introduction of domestic CBDC when and if, the necessary time comes. However, South Korea falls far behind other nations in the important strategic aspects of the upcoming War of Digital Currencies.
The Bank of Korea (BOK) said it has launched a pilot program for a digital currency issued by the central bank. The test is strictly aimed at identifying necessary technologies and legal provisions required to create and circulate a new cryptocurrency. Under the 22-month program, the South Korean central bank will first review necessary technologies and legal requirements.
According to the Korea Times, the BoK said it will simulate transactions on a blockchain platform that would be similar to those for cash or traditional means of payment.
Singapore
Singapore’s central bank is looking to join forces with China in exploring central bank digital currencies. Ravi Menon, the managing director of the Monetary Authority of Singapore, or MAS, has voiced the country’s readiness to enter into a close cooperation with China in relation to digital currencies.
Malaysia
Malaysia to disburse cash to help boost digital payments. Under its 10-year plan, Bank Negara Malaysia is targeting to increase the number of e-payment transactions per capita to 200 by the end of this year from 44 transactions as it seeks a shift toward cashless society.
Malaysia's federal government said Tuesday it will disburse 450 million ringgit ($110 million) to nearly half of the country's population through three e-wallet companies to jump-start a nascent digital payments industry. Economists had previously said that the so-called digital stimulus, along with other cash transfer programs and allowances, would help boost consumer spending and support growth at a time when the Southeast Asian nation is grappling with an economic slowdown.
Asia is the largest market for digital payments and will maintain its leading position with an estimated 16% compounded annual growth (CAGR) rate through the first half of this decade, according to a new report by Singapore’s DBS Bank. In Asia, China makes up 78% of all digital payments transaction value, which, on a global scale, translates to nearly half of all transaction value, the report says.
It was reported in mid-June that China is also planning an East Asia digital currency to gain more independence from the United States dollar. The planned digital currency would reportedly include a basket of regional currencies like the Chinese yuan, Japanese yen, South Korean won, and Hong Kong dollar.
I have shared with you the second article of my research on digital money studies of countries. I hope it will be a useful article.
