The Japanese government intends to bring stablecoins under strict control, as some representativesthe authorities consider them a threat to financial stabilitycountries. Along with this, the Bank of Japan plans to issue a digital yen, which it sees as a safer alternative to private virtual currencies.
According to Reuters, three government officialsJapan said the country is seeking to intensify its efforts to regulate digital assets. A number of local regulatory authorities believe that stablecoins are a form of cryptocurrency pegged to fiat currency, with the potential to harm Japan's financial ecosystem.
«Japan can no longer ignore this issue, given the speed of developments in the field of digital currencies around the world»- said one of the civil servants.
It is worth noting that last week the AgencyJapan's Financial Services Authority (FSA) has set up a cryptocurrency regulatory oversight unit. In addition, the Ministry of Finance of the country is considering the possibility of increasing the number of required staff.
The possibility of introducing strong regulation mayplay into the hands of Japan's central bank. The institution has already begun experimenting with the release of its own CBDC (Central Bank digital currency), considering it the best and safest alternative to private cryptoassets. The bank launched a pilot program to determine the technical implementation of a similar product.
The program will consist of two stages, the firstof which has already been launched and should be completed by March 2022. Earlier, the chief executive of the Bank of Japan, Shinichi Uchida, noted that "the beginning of experiments at this stage is a necessary step."
The People's Bank of China recently expressedconcern that digital currencies, in particular stablecoins, could negatively impact the global financial system. Moreover, the vice-chairman of the bank Fan Yifei described stablecoins as “instruments of speculation” that could threaten global financial and public safety:
«The so-called stablecoins of somecommercial organizations, especially global stablecoins, can create risks and challenges for the international monetary system, payment systems, settlements, etc.»
Where is it more profitable to buy cryptocurrency? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
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Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Bybit | https://bybit.com | 7.5 |
| 3 | OKEx | https://okex.com | 7.1 |
| 4 | Exmo | https://exmo.me | 6.9 |
| 5 | Huobi | https://huobi.com | 6.5 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform Features– availability of additional features — futures, options, staking, etc.
- final grade– the average number of points for all indicators determines the place in the ranking.
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