Not too long ago China announced that it plans on becoming a leader in blockchain technology and that it is in works on releasing its national digital currency. Only a few hours after, the Bitcoin price jumped from $7,500 to $9,000 and euphoria was almost palpable in the market.
Yesterday, Haruhiko Kuroda, governor of the central bank of Japan announced that they are researching blockchain technology and cryptocurrencies as well, but for now the country is not planning on launching a digital currency. Moreover the governor expressed his concerns on stable coins that may have a “large impact” on the country’s “two-tiered currency system and private banks’ financial intermediation.”
“If stable coins backed by companies with a huge customer base are issued globally, that could have an impact on monetary policy and financial system stability."
Haruhiko Kuroda, governor of the central bank of Japan
The fear against money laundering and risk management was expressed by The BOJ governor as well, in an interview for Reuters in regards of Facebook's Libra, and in an attempt, in my opinion, to defend the current banking and financial system. Looks to me that more and more countries are oriented towards using blockchain technology and cryptocurrencies on a large scale but they seem to opt towards their own created ones and not the ones we think of. Some thing like Bitcoin...
Not once have I heard or read about any country announcing that it plans on using Bitcoin as a form of payment on a large scale but instead betting on their future developed stable coins which will of course be regulated and under the "close eye" of governance tracking and surveillance systems, and when most of the world will make such currencies and financial system a reality then...bye bye Satoshi Nakamoto's vision and welcome to the Orwellian state.
How did the crypto market reacted to the news from Japan? In no way I would say. Well... the prices are currently on a free fall but it's due to lack of interest in cryptocurrencies, price manipulation and wash trading in my opinion and not thanks to Japan. Who knows what can turn around the bearish sentiment that got installed in the market for a few months. The Bitcoin halving in 2020? Maybe...
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Thanks for attention,