Bank of Japan: Economy doesn’t need central bank cryptocurrencies

Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya expressed his negative attitude towards digital currencies of central banks, saying that they will not be able to improve existing monetary systems or crowd out cash..

Previously, representatives of the Japanese Central Bank explored the possibility of launching the Central Bank in the future. However, at a meeting in Nagoya, Masayoshi Amamiya said that this option was no longer being considered. According to him, such instruments are economically ineffective, and until the state completely eliminates fiat money, the Central Bank will not be able to overcome the zero lower limit at nominal interest rates..

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The deputy head of the BOJ said ditching fiat is not an option right now, as cash is still a popular method of payment in Japan. Adding that the transition from traditional banknotes to cryptocurrency is associated with enormous difficulties, since virtual assets are highly susceptible to speculation and volatility.

Bank of Japan: Economy doesn't need central bank cryptocurrencies

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text: Ivan Malichenko, photo: images.theconversation, CNBC

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