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China digital currency: e-yuan launch would be ‘hard to ignore’, ex-top Japanese financial regulator

China’s progress toward issuing a central bank digital currency (CBDC) will have a huge impact on how quickly advanced economies follow suit, former top Japanese financial regulator Toshihide Endo told Reuters.

Central banks have accelerated efforts to develop digital currencies to modernise financial systems. The People’s Bank of China is leading after launching trials, whereas the Bank of Japan (BOJ) only began its project in April.

US officials on Monday voiced scepticism about CBDCs, yet Endo said such caution may change if the world’s second-largest economy introduces one.

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