The Central Bank of Japan does not intend in the near future to issue its own digital currency because of the volatility inherent in cryptocurrency, and threats from their side in relation to the traditional financial system.
The Deputy Governor of Masayoshi Amamiya (Masayoshi Amamiya) in his closing speech at the conference with the participation of the IMF and the Agency for financial services of Japan (FSA) said that the launch of digital currency using blockchain technology, could adversely affect the existing dvuhruchevoj system, implying the responsibility of the Central Bank for the issue of banknotes and reliability of payment instruments, as well as operational activities of the private banks to provide services to the public under the supervision of the regulator.
Modern duplex system reflects the wisdom of mankind in history, which appeared to achieve efficiency and stability of the monetary system.
In this sense, the issue by the Central Bank of digital currency for General use can be compared with the idea of opening by the population and companies accounts directly in Central Bank, which will have a significant impact on the abovementioned two-level system and financial intermediation of private banks.
Recognizing the importance of financial technological innovation, the Bank of Japan, founded in 2016, the centre for their research and studying the technology of the blockchain in the framework of the Stella project in cooperation with the European Central Bank, but not willing to experiment with the cryptocurrency.
We will remind, in February the Governor of the Bank of Japan Haruhiko Kuroda (Haruhiko Kuroda) argued that, in his opinion, crypto currencies in the near future will not be a threat to legitimate means of payment such as Jena, as are mostly used for speculative trading and not for calculations.