December 4, 2021

Japan is exploring the possibility of launching a national cryptocurrency

Japan is exploring the possibility of launching a national cryptocurrency

China’s recently unveiled plans to introduce its own digital currency are forcing the world's leading economies, radically change their attitude towards the implementation of the digital currency of the central bank.

In his interview with Reuters, the head of the central bankJapan (BoJ) Haruhiko Kuroda, said that currently the Bank of Japan does not plan to issue digital currency, but may do so in the future if necessary.

Stablecoins are required to be regulated and have guarantee funds

The head of the Central Bank of the country, once consideredthe most favorable for accepting bitcoin, to inject the Facebook Libra project. The banker noted that stable cryptocurrencies are currently not a priority for Japan’s finances. However, he believes that the issuance of such digital assets should have a sound management system to ensure that customers are protected from risks:

"The issue of stablecoins carried out by companies withhuge client bases and distributed around the world can have a clear and direct threat to monetary policy and the stability of the financial system of the world. ”

The head of the central bank of Japan has already stated thatcryptocurrencies can harm the banking system due to the introduction of a “two-tier currency system”. A deputy head of BoJ recently announced that the release of digital currencies could completely destroy the credit system in the country and harm commercial banks.

Recall, the panel of judges and lawyers in the UK announced that cryptocurrency assets are property.

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