The United States is trying to develop the central bank digital currency and Takaya Nakamura insisted that Japan should put their weight behind it. Nakamura is an employee with Japanese crypto exchange Fisco and believes that his country is behind the establishment.
The US is a super power far much powerful than Japan. Nakamura believes that Japan is in no position to do anything on their own and thus a collaboration will be helpful.
“Japan no longer has the national power to do something independently,” he told in an interview to Cointelegraph.
“Therefore, it is understandable if they want to collaborate with other advanced countries and have an influence on the development of digital currencies”
In the past, the banks of Japan have collaborated with the central banks in Britain, Canada, Sweden and Switzerland. It is now looking to go ahead and form a merger with the United States.
Japan is however dependent on the US from the economic and military point of view. Nakamura said that it will be hard to leave the digital dollar.
“European countries may be thinking differently but for Japan, they are not even prepared for CBDC and that is not good. I think Japan would be hopeful for the United States to move forward and block the rise of digital yuan by the digitization of US dollars”