China seeking first-mover advantage in building digital currency -senior Japan official
LONDON, Feb. 6 / PRNewswire / - China is looking to gain a first mover advantage in its efforts to develop a digital version of its currency, Japan’s top financial diplomat said Thursday.
People's Bank of China is one of many central banks around the world looking to create their own digital currencies.
"The (digital) renminbi is moving relatively quickly - they probably want to take advantage of the first mover advantage," said Kenji Okamura, vice finance minister for international affairs.
"The first mover advantage is something we should be afraid of," he said at a digital seminar organized by the Official Forum for Monetary and Financial Institutions and the Think Tank of the Center for Strategic and International Studies.
Some of China's largest state-run commercial banks have already begun extensive in-house testing of a digital wallet to move one step closer to the official introduction of the domestic digital currency, local media reported last month. (Reporting by Tom Wilson; Editing by Tom Arnold)
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