- Bank of Japan has no plans to issue a national digital currency.
- BoJ commits to continuing its research around digital currencies.
The Bank of Japan (BoJ) Deputy Governor Amamiya has reiterated the decision by the regulator not to issue a digital currency. Amamiya says that BoJ has no plans of issuing a central bank-backed cryptocurrency. However, research regarding the same will continue.
According to Amamiya, the central bank needs to be prepared “in case rapid digitization boots public demand for digital currencies.” It is believed that the basic mechanism “at which monetary policy affects asset prices, will not change with the introduction of digital currencies. Moreover, “banking won’t change much even if central banks issue digital currencies.”
Japan has been one of the most cryptocurrency progressive regions in the world. The country is a few steps ahead when it comes to the regulation of the digital currency industry. Similarly, BoJ will be joining a number of central banks in Europe to study the issue of government-backed cryptocurrencies in the modern economy. However, Japan remains adamant to follow in China’s footsteps to issue a national digital currency in the near term.
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