The Bank of Japan will not produce a national cryptocurrency

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Deputy Bank of Japan Governor Masayoshi Amamiya expressed doubt that produced by the Central banks of the cryptocurrency will increase the effectiveness of monetary policy, reports the New York Times.

Some academics argue that using national crypto-currencies, Central banks can effectively implement monetary policy, even in conditions of zero interest rates. They also argue that digital assets will stimulate consumer demand.

However, Amamiya is confident that the digital currency can be effective only under the condition that the Central banks will get rid of Fiat cash.

“Getting rid of cash at the present time is not a priority for the Central Bank”, — said the official.

According to him, Fitna cash is widely used in Japan and therefore the Central Bank has no plans to release it for the digital alternative.

“Scriptactive rarely used for everyday payments and settlements. By and large this is a speculative investment,” — said Amamiya.

We will remind, in April the Bank of Japan announced the cryptocurrency a threat to the traditional financial system.

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