Japan is reportedly making moves to maintain their position in the crypto race, as China is going at full speed regarding their upcoming digital Yuan. 

Reported by Reuters on February 7th, major Japanese regulators are creating pressure on their government, to urge the G7 to add digital currencies to the list of topics in 2020. 

Akira Amari – formerly the economy minister and a prominent member of the ruling Liberal Democratic Party – reportedly revealed that numerous lawmakers have sat down to consider whether “Japan should work in close coordination with the United States. As part of such efforts, we should ask the United States to set (digital currency) on the G7 agenda as chair.”

The US, this year’s G7 host, is the center of concerns from Amari, as he believed that the should China’s digital yuan is officially available, the dollar’s hegemony will be under serious heat, and consequently turns the international financial and geopolitical relationships network – developed based on the foundation set out by the currency – upside down. 

“We live in a stable world led by dollar settlement. How should we respond if such a foundation collapses and if (China’s move) gives rise to a struggle for currency supremacy?” 

Since Japan is a nation that deals with dollar-denominated settlement, big names in the lawmaking department have agreed with Amari’s view, fearing that the digital yuan will experience a significant adoption rate among emerging economies.