Copy link
Increase text size
Decrease text size
Link copied

Japan needs to be ready to issue CBDC if demand rises: BOJ Official

Image by Ubé from Flickr

Fri, 31 Jan 2020, 05:00 am UTC

Japan has to be ready to issue digital currencies if the public demand for a digital yen surges, a Bank of Japan (BOJ) official said recently.

Speaking at a Reuters Newsmaker event in Tokyo, BOJ Deputy Governor Masayoshi Amamiya emphasized the importance of continued efforts to look into the possibility of issuing a central bank digital currency (CBDC).

At present, the BOJ has no immediate plans to issue a CBDC as it still has to examine the impact on monetary policy and ensure appropriate security standards, among other things.

“The speed of technical innovation is very fast. Depending on how things unfold in the world of settlement systems, public demand for CBDCs could soar in Japan,” Amamiya said. “We must be prepared to respond if that happens.”

He believes that the impact of monetary policy on interest rates, asset prices, and bank lending is not likely to change much with CBDCs. However, Amamiya warned that the transmission mechanism could become more complicated and difficult if settlement systems change.

Just recently, the BOJ teamed up with five other central banks and the Bank for International Settlements (BIS) to look into the potential cases for CBDCs.

Facebook’s movement to launch its own cryptocurrency 'Libra' is said to have prompted central banks to speed up their CBDC efforts.

Meanwhile, the German multinational banking giant Deutsche Bank believes that digital currencies could become mainstream in the next two years and ultimately replace cash. The study considered Facebook’s Libra and China’s planned digital currency among the main contestants for a mainstream digital currency due to its massive number of potential users.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,683.29 (+1.86%)
  • Ethereum (ETH) $245.47 (+3.87%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $257.39 (+4.01%)
  • Bitcoin SV (BSV) $198.57 (+2.04%)
  • Bitcoin (BTC) $9,683.29 (+1.86%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft