In this post: According to a Nikkei Fintech journalist, Japan is expected to launch a central bankdigital currency (CBDC) in 2030. Many find the news divisive, with some hoping for a Ripple adoption viewing the possible transfer as a boost to their bags and others viewing it as little more than a drastic corruption of money. The longstanding “cash is king” culture in Japan is beginning to reject coins and paper money, as anyone who has lived there in recent years can observe. With restaurants refusing to serve actual yen, the idea has started to gain traction in major cities like Tokyo, but it could quickly spread across the country in tandem with international political movements. The subject of cryptocurrency, stablecoins, and CBDCs (central bank digital currencies) is always brought up when discussing going paperless. For his part, Japanese journalist Shinichi Morikawa at Nikkei Fintech thinks Japan might be barreling right into adoption within the next half-decade. Journalist from Nikkei: Following Europe’s example, Japan may embrace CBDC Regarding CBDCs (Google translation), Morikawa stated at a recent fintech-focused event in Tokyo: “The EU’s initiative will serve as a catalyst, and after 2028, when the introduction is anticipated to begin in the EU, it is likely to begin in Japan in 2030.” With a fundamental statement in 2020 and an update titled “Central Bank Digital Currency Experiments Progress on the Pilot Program” in April 2024, the Bank of Japan (BOJ) has been releasing its stances on central b1ank digital money for a while. Some cryptocurrency enthusiasts, particularly those who support assets like XRP, are thrilled by this news and its potential.1 Hopes for a CBDC bag-pump among XRP fans Hype and halftruths abound, despite the fact that Ripple, a massive digital asset infrastructure firm, is in fact collaborating with banks in Japan and throughout the world in order to produce stablecoins and use their XRPL ledger as the basis for government projects. For instance, in recent months, a bothersome/ scam that spreads misleading information about XRP acceptance in the land of the rising sun has been widely circulated on social media. Because of the current climate, where Ripple CEO Brad Garlinghouse is constantly complimenting Japan’s crypto infrastructure and Yoshitaka Kitao, president and CEO of banking behemoth SBI Holdings (a member of Japan’s CBDC forum), has declared:”Ripple Labs, a US company that uses blockchain technology to develop a next-generation remittance system, has us as its largest external shareholder.” Additionally, there are active and continuing CBDC talks at the business and political levels in Japan; next week, the Japan Blockchain Association (JBA) will address global CBDC trends. All of this appears to be good news for the bank accounts of many XRP holders. But becoming wealthy isn’t the only thing to think about. Japanese opposition to economic privacy invasion and CBDC According to one Japanese-speaking BOJ watcher on social media, “CBDCs would have an authoritarian element, allowing the central bank to directly control individuals’ buying and selling, and could easily use AI algorithms to block certain people or goods from purchasing.” […]