Bank of Japan conducts research on digital currencies
The Bank of Japan is conducting research on digital currencies, Central Bank Governor Haruhiko Kuroda said Tuesday in an interview with Reuters. Kuroda stressed that Japan does not currently plan to issue a national digital currency, but may do so in the future..
He also said that the Bank of Japan does not approve of the proliferation of stablecoins and believes that a reliable regulatory and legal framework should exist for their issuance, which will take into account governance problems and associated risks..
“If stablecoins, backed by companies with a huge customer base, are issued globally, they could start to influence monetary policy and the stability of the financial system,” he said..
The Bank of Japan has previously addressed the issue of the impact of cryptocurrencies and stablecoins on financial stability. In April 2018, the deputy head of the regulator Masayoshi Amamiya issued a statement that digital currencies could have a “significant impact” on “the country’s two-tier financial system and financial intermediation of private banks.”.
In July, Amamiya announced that the Central Bank would not issue its digital currency, in part due to concerns about the health of private banks..
“If the digital currency of the central bank replaces private deposits, it could undermine the credit channels of commercial banks and have a negative impact on the economy,” he said..
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