Published
5 years ago on
October 22, 2018
“There are many aspects we need to look into, whether it would actually contribute to improving the efficiency of financial policies or financial stability.”He also noted that central banks in some countries are already at a stage of exploring the merits of issuing cryptocurrency.According to The Asahi Shimbun:
“He cautioned that if digital money replaced not only cash held by the central bank, but also deposits, it could “have an impact on the bank’s ability to steer the economy" as the function of financial intermediation by banks would be "sharply reduced.”The bank's deputy governor said that the Bank of Japan has no current plan to issue a virtual currency which could be used by a widespread audience for payment transaction by individual consumers. He went onto say that there are a few hurdles to jump over before adopting digital currencies in day to day life as there would be massive costs to conduct transactions testing to build up confidence in the system. Amamiya continued to say:“It seems to me that the hurdle is extremely high to popularize (a cryptocurrency) as a payment system.”The crypto markets seem to be holding steady today as the leading currency, Bitcoin is priced at $6,488, Ethereum is priced at $204.62 and the third leading currency, XRP is priced at $0.4547. All of these are in the red currently at the time of writing.What are your thoughts? Let us know what you think down in the comments below! Investment Disclaimer
