Bank of Japan Admits Its Role Would Be ‘Sharply Reduced’ by Cryptocurrency16.05

A top-level executive from the Bank of Japan (BOJ) revealed that the country’s central bank doesn’t plan to issue a digital currency. The BOJ justifies this decision by identifying major obstacles which prevent their further widespread adoption.

Masayoshi Amamiya, a deputy governor of the Bank of Japan, revealed the bank’s position on cryptocurrencies. Speaking at a lecture during the autumn annual meeting of the Japan Society of Monetary Economics, the banker said that it’s questionable whether cryptocurrencies have any serious merit to improve the existing financial system:

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