Mr. Masayoshi Amamiya who is the deputy governor of the Bank of Japan attended the Japan Financial Society held in Nagoya on the 20 th of this month and gave a lecture. The content of the lecture was about the future of money and showed the idea that the possibility of cryptocurrency converting to legal currency and spread as a means of settlement is low .
Amemiya said that it is doubtful whether the central bank can issue cryptocurrency to increase the effectiveness of monetary policy .
Several economists point out that the central bank can overcome the zero limit of losing tools to stimulate the economy when interest rates go to zero by issuing digital currency. In theory, central banks can use digital currency to make it easier to charge interest on households and corporate deposits, and to create spending rather than savings.
However, Mr. Amemiya argued that it is only effective if the central bank eliminates the statutory currency to put interest on the digital currency, because people convert from digital currency to legal currency to avoid interest and interest . Regarding the digital currency in which the BOJ is the subject, he said, “The BOJ has no plans to issue at the moment .”
This explains that the existing legal currency is secured based on the independence of the issuer etc. The cryptocurrency requires a considerable cost to verify the transaction necessary to gain credit and to spread it “The hurdle seems to be considerably high” I commented.
Article Source: Reuters, Kyodo News
It will be helpful if you unify the e-money that stands out …
Author: kaz 【Coin Desk News】 – Source Post: https://crypto-times.jp/boj-doesnt-have-plan-to-issue-digital-currency/
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