Central Bank of Japan: the national crypto currency is a threat to the financial system

In the near future, the central bank of Japan is not going to issue a national cryptocurrency, because it sees a threat to the traditional financial system. This is stated in the official statement of the regulator.

According to the deputy head of the bank Masayoshi Amamiya, the issue of digital currency for direct use by consumers - with or without blocking - can put the existing two-level financial system under attack. The latter, Amamia is convinced, is "proven by human wisdom for years, allowing to achieve the efficiency and stability of the monetary system".

Thus, he believes, the digital currency backed by the central bank will change the system, but it will not necessarily preserve its financial stability.

"Therefore, the issue of the digital currency of the Central Bank for general use is an analogue of how if we allowed the population and firms to open accounts directly with the central bank. This can greatly affect the aforementioned two-tier system and the financial intermediation of private banks, "explained the Deputy Head of the Central Bank of Japan.

However, Amamia did not rule out the emergence of such a digital currency in the future, adding that his department had already begun to explore the technology of blockades with a view to other areas.

Recall, earlier in April, the Agency for Financial Services of Japan for the first time published official statistics on crypto-currency trading, which reports a rapid increase in the popularity of bitcoin futures.