Japan has decided to take a closer look at whether to issue an official digital currency.
Japanese crypto preparations
“The Bank of Japan (BOJ) will coordinate with other countries to coordinate central bank digital currencies by examining and verifying technological tests,” Prime Minister Shinzo Abe’s government said in its annual policy roadmap document.
The document that guides the government’s long-term economic and fiscal policies and its emphasis on the study of an official digital currency demonstrates that Tokyo has warmed up the idea of cashless trading.
The efforts of a private company like Facebook to issue the Libra cryptocurrency is one of the factors that have forced central banks of G7 countries and China to study digital currencies.
The Chinese central bank’s (PBoC) testing of digital currency has been instrumental in some Japanese ruling party lawmakers pushing Prime Minister Abe to direct BoJ on digital currencies.
EU budget/fund split
European Union country leaders are meeting in Brussels to discuss their long-term common budgets and a recovery package from the coronavirus crisis.
If there is no surprise consensus, an agreement is not expected from the meeting that will end Saturday on both issues marked by deep disputes.
Austrian Prime Minister Sebastian Kurz, who continues to oppose the 750 billion euro aid fund with northern countries, said on Friday that the leaders will agree on a proposed budget and economic recovery plan, but he is not sure when.
“We have intensive and long negotiations ahead of us,” Kurz said. “I came here to reach a result. I remain optimistic that it will work out but I can’t tell you when. The differences in the positions remain big and this means the negotiations will be long.”
Kurz said he hopes an agreement will be reached at this EU summit, but if not, then he expects an agreement at the next meeting.
The ECB call
European Central Bank (ECB) Vice President Luis de Guindos called on the European leaders to reach an agreement/
Speaking in Madrid, de Guindos said the agreement could be “very soon” or before the end of July.
“I hope it will be a relatively quick deal, I don’t know if it will be this weekend, but I hope it will be a positive one before the end of July, if not this weekend,” ECB’s number two said.
British measures
British Prime Minister Boris Johnson said on Friday that normal life may not return to his country until November and those social gatherings such as weddings, funerals, and celebrations remained subject to restrictions, nightclubs, and other crowded environments should remain closed.
Johnson said that from October, viewers will be allowed in the sports stadiums.
US cases skyrocket
A new daily record in the number of cases broke on Thursday in the United States where infection and death figures remain the highest.
According to data collected by John Hopkins University and Reuters from 50 states, the number of Covid19 infections increased by 77 thousand in 24 hours. At the same time, 969 people died of the virus.
969 deaths are the biggest increase since June 10. Florida, South Carolina, and Texas reported their biggest single-day increases in deaths on Thursday.
Over 138,000 Americans have died since the end of January when the China-originated virus reached the US. Experts warn that the last record increases in the number of cases and an alarming increase in hospitalization in many states will continue.
Death rates in the US peaked in April when an average of 2,000 people died a day. However, the mortality rate has been steadily declining since then, despite increasing infections.
South China Sea tensions
The US Navy said on Friday that the US deployed two aircraft carriers to the South China Sea for the second time in two weeks.
According to a US Navy statement, USS Nimitz and USS Ronald Reagan aircraft returned to the area on Friday, two weeks after performing operations and military exercises on the controversial waterway between July 4 and 6.
“Nimitz and Reagan Carrier Strike Groups are operating in the South China Sea, wherever international law allows, to reinforce our commitment to a free and open Indo-Pacific, a rules-based international order, and to our allies and partners in the region,” Rear Admiral Jim Kirk, commander of the Nimitz, said in the statement.
The United States last week rejected Chinese claims over nearly 90% of the South China Sea whose coast is also shared by Brunei, Malaysia, Philippines, Taiwan, and Vietnam, declaring to help those countries in the region against China.
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