In the near future the Central Bank of Japan is not going to release a national cryptocurrency, because it sees this as a threat to the traditional financial system. This is stated in the official statement of the regulator.
According to the Deputy head of the Bank Masayoshi Amamiya, the issue of digital currency for direct use by consumers – with or without bloccano – can jeopardize the existing two-level financial system. The latter, convinced Amamiya is a “proven human wisdom, allowing to reach efficiency and stability of the monetary system”.
Thus, he believes, backed by the Central Bank of digital currency will change the system, but not necessarily preserve its financial stability.
“Therefore, the issue of digital currency, the Central Bank for General use is equivalent to as if we allowed people and companies to open accounts directly with the Central Bank. This can dramatically affect the abovementioned two-level system and financial intermediation of private banks”, – explained the Deputy head of the Central Bank of Japan.
However, Amamiya did not rule out the emergence of this digital currency in the future, adding that his Department has already begun to explore blockchain technology with an eye on other directions.
We will remind, earlier in April, the financial services Agency of Japan published its first official statistics on cryptocurrency trading, which reported on the rapid growing popularity of bitcoin futures.