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Bank of Japan Diving Deep Into the Digital Currency World

Zain Raza by Zain Raza - 05:21 PM Feb 22, 2020
Bank of Japan Diving Deep Into the Digital Currency World

Meetings have been held between the Financial Services Agency, the Bank of Japan and the Ministry of Finance in a bid to analyse and research on the possibilities of digital currencies to be issued by central banks.

In the light of recent events like China on the precipice of issuing a digital yuan, the emerging economies of Saudi Arabia, meetings between central bank chiefs and finance ministers from the group of 20, are being held to discuss digital currency issues and steps to take to not fall behind.

Bank of Japan Upping It's Game in Digital Currencies

Japan’s authorities are ready to take it up a notch to make sure they don’t lag behind in the digital space, as the financial technologies coupled with rapidly developing information technologies continues to grow.

The Ministry of Finance, The Bank of Japan and the Financial Services Agency has been discussing in detail the economic effects of digital currency and to enhance their technical outlook towards it, according to sources.

The most recent meeting took place last month, which brought big guns like Yoshiki Takeuchi,vice-minister of finance for international affairs, and FSA vice-minister for international affairs, Ryozo Himino, and Shinichi Uchida, BOJ executive director for international affairs, under the roof.

They discussed a host of issues, but are believed to have primarily talked about the current dollar-dominated global currency system. Last month, a bunch of banks joined forces to do a joint study on digital currencies.

The Bank of Japan is yet to dive properly into the concept of cryptocurrencies, but its Governor, Haruhiko Kuroda recently stated - “ We are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.” The progress of China and the rise of Facebook’s Libra was like a wake-up call to Japan and forced it to take initiatives to keep up the pace.

About The Author
Zain Raza

Zain RazaZain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

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