Bank of Japan: No national digital currency will dominate the world
The central bank of China, which is rapidly approaching the launch of its national digital currency, will not benefit much from being a pioneer in this space. This opinion was expressed by Kazushige Kamiyama, who is in charge of digital currency-related initiatives of the Bank of Japan..
“I don’t think one digital currency will dominate the world if all countries make efforts to improve their settlement systems,” he said..
Kamiyama said the Bank of Japan is closely monitoring the progress of other countries in this area and hopes to learn from the experience. “We would like to observe and learn from other central banks. Not only in China, but also in other countries, ”he said..
Interestingly, just last week, Japan’s Deputy Finance Minister for International Affairs Kenji Okamura expressed concern about the achievements of neighboring countries in the development of digital currencies and even stated that “we should fear the advantage of the first mover.”.
Kamiyama added that if the Bank of Japan did decide to issue a digital currency, it could set limits on how much it can be issued and the amount that each holder can have. According to the representative of the Central Bank, such measures will help to avoid capital outflow from commercial banks..
“This is one of the options. We do not guarantee that this will be the case, “he added..
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