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.
The negative attitude of the Bank of Japan to the Central Bank of Securities does not prevent the tax committee from discussing the issue of simplifying the procedure for declaring virtual currency and filing reports.
As the land of the rising sun slows down on its way to oust fiat, Venezuelan President Nicolas Maduro urged citizens to invest in gold and cryptocurrency to bolster financial well-being.
text: Ivan Malichenko, photo: images.theconversation, CNBC