The Bank of Japan (BoJ). the central bank of the country, has issued a paper that examines how a central bank digital currency (CBDC) would function in the country’s current financial system.
Titled “Digital Innovation, Data Revolution and Central Bank Digital Currency,” the paper examined CBDCs possible impacts not only on payment efficiency but also on financial structure and the overall economy.
Masayoshi Amamiya, deputy governor of the Bank of Japan, the country’s central bank, said that the BOJ has no plan to issue cryptocurrencies that can be widely used by the public for settlement and payment purposes.
In a speech at a meeting of academics in Nagoya,
Bank of Japan Deputy Governor Masayoshi Amamiya said that a central bank-issued cryptocurrency could significantly impact the current structure of the banking system.
In his closing remarks at the IMF-JFSA-BOJ Conference on FinTech, Amamiya said that the issuance of central bank digital currencies for general use could be analogous to allowing households and firms to directly have accounts in the central bank.
The recent splurge in bitcoin price is undoubtedly abnormal, said Bank of Japan Governor Haruhiko Kuroda.
Bitcoin prices have risen more than 1,700 percent since the start of the year. The most popular cryptocurrency has also climbed almost 80 percent in December alone.
