No space for the issuance of a CBDC, said the governor of the Japanese central bank

No space for the issuance of a CBDC, said the governor of the Japanese central bank

By Roberto D. | CryptoFarm | 5 Dec 2019


Haruhiko Kuroda, governor of the Japanese central bank, during his speech for the 35th anniversary of the FISC (center for financial industry and information systems), underway today, said that there is currently no demand in Japan which justifies the issue of a CBDC; according to Kuroda in Japan, the liquidity in circulation is still on the rise and, although several studies have been carried out in this regard, a real necessity has not yet emerged that could lead to the issuing of a state crypt. Obviously, the governor continued, the central bank must continue its research so as to be ready when the request arrives, whether it comes from ordinary citizens or from the companies of the country; on the contrary, instead, there is a wide variety of private currencies in Japan, also denominated in Yen, whose use is encouraged by the central bank itself so as to make them as similar as possible to a real CBDC.

 

In practice it seems that, at least at this stage, the Japanese authorities are more interested in working on the actual cryptocurrencies in order to improve the interoperability between the various payment systems than to issue their own CBDC, perhaps also because of the impact that this kind of tools could have on the real economy has not yet been adequately studied. The situation is different for the stablecoin, at least for those that could have global relevance (as in the case of a facebook book), in this case Kuroda himself invites the audience to caution by stating that:

Global stablecoins, provided that legal certainty and technical stability are guaranteed, can offer convenient payment services to many users; these advantages, however, can never be fully enjoyed unless the challenges of money laundering risk, IT security and data protection of consumers and investors are adequately addressed.

In this sense, Japan therefore aligns with the countries of the Western bloc, clearly reaffirming that no global stablecoin should be put into circulation unless all the above doubts are clarified; For this to happen, the central bank governor continued, it is necessary for the authorities to cooperate globally to create a common basic regulation for these instruments.


Roberto D.
Roberto D.

Born in Italy, I live in Italy, passionate about cryptocurrencies since I discovered ethereum in 2015 Telegram channel: https://t.me/dumbwaystoearn


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