The japanese central bank is against the issuance of a crypto-national currency

The japanese central bank is the latest financial institution government to acknowledge the risks of crypto-currencies issued by the State. According to its vice-governor Masayoshi Amamiya, a digital currency and national could threaten the traditional financial system established in the developed countries. The japanese bank did not intend to publish its own crypto-currency, he said.

Check out below a video in English telling of the explanations of Masayoshi Amamiya :

A currency that is centralized to ensure financial stability

The crypto-currencies issued by central banks could have a significant impact on the current financial system, said the vice-governor of the central bank of Japan, at a conference fintech. He explained to the participants, including representatives of the international monetary Fund (IMF) and the financial services Authority in the country (FSA), the Bank of Japan did not intend to create its own virtual currency. According to Amamiya, the government financial institutions have the mission to overcome the problems related to payment instruments. This is why they are assigned the exclusive role of issuing currency centralized, he explained.

Source : Wikimedia Commons. The japanese central bank is against the creation of a crypto-currency.

In the modern financial system, the private banks provide payment services to the general public and allocate financial resources to the economy through loans and credit. Masayoshi Amamiya has also expressed its concerns regarding the issuance of virtual currency by central banks.

The issue of crypto-national currencies would be risky

Comments from Masayoshi Amamiya intervene at a time when many central banks are against the launch of crypto-currency supported by the State. In recent months, several countries have tried the issuance of digital currencies and national. They have been considered as alternatives to crypto-currencies, decentralized, like the Bitcoin.

This month, a top official of the swiss national bank has expressed the same concerns. According to Andrea Maechler, member of the board of directors of the swiss bank, the crypto-currencies used in the private sector are less risky than the version proposed by a central bank.

Source : NewsBitcoin

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  • justine

    I can understand Masayoshi Amamiya when he thinks that the creation of crypto-currencies by central banks could have a large impact on the current financial system. It is clear, since digital currencies have a tendency to threaten the stability of the banks. Moreover, the enthusiasm for virtual currencies continues to spread. Then, if the Bank of Japan does not want to create its own virtual currency because it is issued instead of the currency centralized, I find it normal. Although, I would deny that the world of crypto-currency, appeals to me a lot. So well that I am considering after my trading cryptos on the site Cryptomanagements to one day create my own digital currency´üŐ. But hey, the vice-governor of the central bank of Japan has explained why the bank did not intend to create its own virtual currency. And no need to persuade him, as to everyone’s opinion on crypto-currencies.