In the near future, cryptocurrency will not be present in the zone of interests of the Central Bank of Japan. Doubts about bitcoin and other digital currencies have captured the information field of the country.
This opinion was expressed by Masayoshi Amamiya, Deputy Governor of the Central Bank during his lecture at the meeting of the Japan Association of Monetary Economists. It is worth noting that such high-ranking officials in the country rarely publicly discuss the monetary system.
He further added that in the future non-cash payment can become an absolute world standard and default payments:
“Many aspects of this region have not been studied, and we don’t know whether they will be able to increase the efficiency of our financial policy or to promote financial stability.”
However, it was noted that Central banks of some countries have begun studying or implementing cryptocurrency.
However, he expressed some concerns about digital money:
“If digital currency will replace not only cash controlled by the Central Bank, but the deposits, then the banks will simply lose the ability to influence the economy, and their role as instruments of regulation will be reduced to zero”, — he warned.
Also, according to him, the Central Bank of Japan plans to launch its own virtual currency, which could be used by the General public to make transactions or payments. There are still major obstacles to the implementation of the digital currency in everyday life, for example, the lack of infrastructure, so not in any hurry, he said.
“Obstacles on the road to promote the cryptocurrency as a universal payment system is very significant.”
Author: Leonid Schekutev analyst Freedman Club Crypto News