Toshihide Endo, a former commissioner for Japan’s leading crypto and financial regulator, the Financial Services Agency (FSA), has said the upcoming digital yuan will “have a big impact” on the speed at which “advanced economies” implement banking Digital Currency Projects (CBDC).

Former Japanese regulator claims the upcoming digital yuan will have a huge impact

Endo, who joined Japan’s DeCurret crypto exchange in March this year as a special advisor, told Reuters that when the token is rolled out, China will be “equipped with a huge social infrastructure”. Beijing plans to host at or before the Winter Olympics, which will be held in Beijing next February.

Endo, also a consultant to Sony, said:

“It will be a step that other countries will find difficult to ignore. Japan and other advanced countries will be puzzled as to how quickly they have to follow suit. “

The heads of state and government of the Bank of Japan, like their counterparts in the European Union, Russia and South Korea, have not yet launched their own pilots and have shied away from undertaking to issue. However, it is widely reported that all four are concerned that Beijing’s advances in CBDC have left the rest of the sector dead.

China’s digital yuan pilot programs now cover most of the country and all of the country’s largest banks, as well as many private companies. At least four banks have developed digital yuan wallets, while another is testing an offline solution without smartphones.

Meanwhile, Singapore’s central bank and chief financial officer, the Monetary Authority of Singapore (MAS), has introduced a new approach to engaging private companies in financial markets: CBDC solutions for retail.

The MAS wrote in an official statement that approximately 15 fintech finalists will “receive mentors from industry experts” and gain access to APIX’s Digital Currency Sandbox. API exchange for “Rapid Prototyping of Digital Currency Solutions”.

The three winners will also receive more than $ 37,000 in prize money.

The People’s Bank of China wants to be the first major central bank in the world to issue a CBDC to internationalize the yuan and reduce its dependence on the global banking system.

Unlike other digital currencies like Bitcoin, China’s digital yuan will not have anonymity and its value will be as stable as the physical yuan.

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