Bank of Japan will explore cryptocurrencies

The Bank of Japan is conducting research in the field of digital currencies, said Central Bank Chairman Haruhiko Kuroda. Kuroda emphasized that Japan currently has no plans to issue a national digital currency, but may do so in the future.

He also said that the Bank of Japan does not approve the distribution of stablecoins and believes that for their issue there must be a reliable regulatory framework that will allow to manage problems and associated risks.

“If stablecoins supported by companies with a huge client base are issued at the global level, they can begin to influence monetary policy and the stability of the financial system” – he said.

Japan continues to consolidate the status of cryptocurrencies at the legislative level. In the spring, the local parliament approved amendments to laws that accept cryptocurrency regulation.

In Japan, crypto donations are allowed officially. Sanae Takaichi, Minister of Internal Affairs and Communications of Japan, confirmed this thesis.

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Anthony Pompliano, a cryptocurrency enthusiast and founder of Morgan Creek Digital, talked with representatives of the country’s regulator during a trip to Japan and noted the government’s friendliness for cryptocurrencies. According to him, the FSA was committed to the first cryptocurrency and Bitcoin scaling solutions Lightning Network.

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