Ryozo Himino, the new commissioner of the Financial Services Agency of Japan has recently made remarks regarding the deregulation of cryptocurrencies. He has said that “Deregulating Bitcoin and other cryptocurrencies may not necessarily promote technical innovation”.
It is quite evident that people are moving towards cashless options especially in the wake of COVID-19 pandemic. However, Himino talked about the huge role of central backed digital currencies towards digital payments. He believes that Bitcoin would rather increase speculative trading.
Himino will not take special steps to promote cryptocurrency
The engagement of Himino in cryptocurrencies was welcomed by some prominent figures of the crypto industry. However, he does not seem to welcome that idea as he said that he will not take any special step to promote cryptocurrencies.
He also talked about the move of the Bank of Japan towards the central based digital currency and its research. Along with this, he talked about the plans that the Bank of Japan needs to draft regarding the issuance of the digital currency. There is a high need to look for all the merits and demerits of it. He believes that through proper planning there will not be any kind of hurdles during the issuance of CBDC.
Bank of Japan researching the use cases of CBDC
Back in January, the Bank of Japan also joined hands with central banks from different countries like the UK, EU, and a few others. This step has been taken to increase the research work regarding the use cases of CBDC. This move of the Bank of Japan has also been appreciated by Himino as he believes that through this they will be able to implement a proper plan regarding CBDC. Not only Japan, but other countries are also trying out different use cases of CBDC and are planning to issue them as soon as possible.
Articles You May Read.
