Deputy Governor Of The Bank Of Japan Downplays Cryptocurrency Plans

Masaesi Amamiya, Deputy Governor of the Bank of Japan, said on Saturday that it is not clear whether digital currencies can strengthen the monetary policy of Central banks. He said that the Bank of Japan does not plan to issue cryptocurrency.

Mr. Amamiya said that there is an “obstacle” for cryptocurrencies to overcome Fiat currencies, and pointed out that they are mostly used as a means to invest rather than for actual payments or settlements.  However, it is clear that this trend is changing as Ripple, a cryptocurrency in the global payment space, has announced high-profile partnerships with financial institutions such as PNC Bank, the top 10 us banks with over 8 million customers.

There are also many in the cryptocurrency community who are not surprised by the fact that many Central banks tend to downplay cryptocurrency, as it can disrupt the entire global payment and settlement sector, and as a result may be a direct threat to Central banks.

Despite these statements by respected Central bankers, there are other organizations that believe otherwise.  The world trade organization, which is widely regarded as the number one organization in terms of regulation of the international report, recently published a report in which digital assets and their potential are highly valued.