We also published the following articles recently
Japan firms to issue digital currency for clean energy transaction
A group of Japanese companies, including GMO Aozora Net Bank and DeCurret, plan to issue a digital currency called “DCJPY” by July 2024. The currency will be used for the transaction and settlement of clean energy certificates, with Internet Initiative Japan (IIJ) being the first company to use DCJPY for this purpose. The digital currency will be backed by bank deposits and will utilize blockchain technology for tradability. It aims to lower payment settlement costs and improve security by combining banks’ existing practices with a traceable blockchain ledger. The launch of DCJPY aligns Japan with other countries exploring digital currencies.
Shaktikanta Das: Don’t tag countries as currency manipulators
RBI Governor Shaktikanta Das has defended the central bank’s policy of intervening in markets to prevent extreme volatility. He urged global agencies, such as the IMF, to refrain from labeling countries as “currency manipulators” or putting them on watchlists. Das highlighted India’s strong foreign exchange reserves of $587 billion, which serve as a buffer against capital outflows and the spillover effects of actions taken by advanced economies. He called for a review of these labels and criticized the one-sided approach of calling someone a manipulator or stabilizing currency. Das also emphasized the importance of central bank autonomy.
RBI chief says currency markets interventions are not always ‘black and white’
India’s central bank governor, Shaktikanta Das, has cautioned against viewing currency market interventions by emerging market economies as a simple issue. He called for a review of the use of “watch lists” and stressed that labeling such interventions should not be seen as black and white. Das emphasized that emerging market economies need to build reserves and intervene in the currency market to prevent excessive volatility, highlighting the need to consider the nuances of such interventions.
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