Digital Advanced Financial Parliamentary Federation launched
It has been revealed that companies in the crypto asset (virtual currency) industry, such as BitFlyer and Coincheck, will also be participating in the “Digital Advanced Finance Parliamentarians’ Alliance,” which was launched by some members of the Liberal Democratic Party on the 5th. Nihon Keizai Shimbun reported.
The Digital Advanced Financial Parliamentary Alliance aims to identify and improve systems that are out of touch with the times in the process of digitalizing the financial system.
A parliamentary group is a group of members within a parliament or legislative body that unites around a particular theme, interest, or policy goal. This time, private financial institutions that provide online financial services will also be participating.
SBI Securities, Rakuten Securities, and Matsui Securities will be participating from the online securities industry, and SBI Sumishin Net Bank, Sony Bank, and PayPay Bank will also be participating from the online banking industry. Additionally, Osaka Exchange and Tokyo Commodity Exchange are also scheduled to participate.
Masaaki Taira, a member of the House of Representatives, will serve as the chairman of the Diet League. Mr. Taira is the chairperson of the Liberal Democratic Party’s Project Team (PT), which is working on developing the Web3 project using blockchain technology, and there are high expectations for his policy recommendations based on Web3 technology.
connection:Why did the Japanese government start promoting the “Web3 Policy”?Summary of important points and related news
Financial industry × Web3 technology
Web3 is a decentralized Internet that utilizes public blockchain (permissionless distributed network). Use cases such as financial and asset transactions using NFTs (non-fungible tokens) and crypto assets (virtual currencies), and autonomous organization operations (DAO) are emerging one after another, allowing users to apply applications without a central administrator. can be accessed.
In Japan, legal developments are underway for the issuance of stablecoins and for the deployment of digital securities (security tokens) on blockchains. Additionally, at the 2025 Japan World Expo (Osaka/Kansai Expo), official digital wallets and NFTs are scheduled to be distributed.
Efforts are underway to popularize Web3, but issues remain, such as the fact that many digital securities issuances in Japan are conducted on private chains with limited market participants.
connection:Ethereum-based DigiFT receives license in Singapore to develop digital securities (RWA) market
On the other hand, overseas, the company is taking the lead in public chain initiatives such as Web3. Singapore-based DigiFT has just received regulatory approval for its efforts to develop an RWA (real-world asset) tokenization market on Ethereum. France’s Societe Bank has issued digital securities worth 1.7 billion yen on Ethereum. Several banks have obtained licenses as virtual currency custodians in Germany.
Furthermore, the development trend of CBDC (Central Bank Digital Currency) is an area that is attracting worldwide attention. The development and demonstration of the digital yuan (e-CNY) is underway in China, and more than 260 million citizens have already participated in the test. Meanwhile, the Brazilian Central Bank is also planning a demonstration test of CBDC, aiming to introduce it in 2024.
The Bank of Japan is also actively working toward the introduction of a “digital yen.” To this end, we have established the CBDC Forum and started a pilot program from April 2022. In this program, private companies involved in retail payments and related technologies are also participating in discussions, and based on the results, the Bank of Japan plans to decide on the launch of a digital currency by 2026.
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