Deputy Governor of the Bank of Japan Masayoshi Amamiya announced the readiness of the issuestate cryptocurrency in the event of widespread public demand.
“The latest technologies are developing rapidly.If stablecoins are used in international payment systems, then the demand for such crypto-assets could rise sharply in Japan. We should prepare now for this scenario and conduct research,” — stated Masayoshi Amamiya.
Despite the fact that six months ago the deputyThe governor of the Central Bank of Japan ruled out the release of a state cryptocurrency, believing that it would have a negative impact on monetary policy; today, Masayoshi Amamiya’s opinion differs from the previous one. Now he believes it is worth taking a closer look at how technical innovation can be introduced into payment systems. Amamiya believes that a digital Japanese yen could normalize the country's negative interest rates.
At the same time, the Bank of Japan does not plan to issue its own stablecoin, but only studies its prospects and possible consequences for the country's financial system.
There is a high probability that already withinWithin a few years, state-owned cryptocurrencies will be issued by central banks. For example, the Central Banks of Hong Kong and Thailand managed to test a joint digital currency for international payments. Additionally, this month, the World Economic Forum (WEF), in collaboration with several central banks, presented guidance for creating government-owned cryptocurrencies, identifying their risks and benefits, and dividing them into several categories.
</p></p>Read this:
Reuters: Bank of Japan Explores Digital Currency Issue
The Central Bank of Japan is studying the digital currency market, but does not plan to release its own
The representative of the Central Bank of Japan said that the country needs to prepare for the digital yen
Six central banks agree to jointly explore digital currency
Japanese lawmakers propose digital yen due to China’s plans
Bank of France will test its digital currency in 2020