Japan Central Bank Not Issuing A Digital Currency Any Time Soon

'
Japan Central Bank Not Issuing A Digital Currency Any Time Soon

The Deputy Governor of the Central Bank of Japan has said that it was still not certain on how Cryptocurrencies will be able to affect the monetary policies of Central Banks. The Deputy Governor Masayoshi Amamiya added that the Central Bank of Japan was not planning on issuing any Crypto at the moment.

Varying Opinions On the Possibility Of A Central Bank Issued Cryptocurrency

bitcoin

Masayoshi Amamiya stated that although there is a lot of pressure for Crypto to replace fiat currency this will still be a tall order for Crypto seeing that digital currency is mostly just used as a mode of investment and not as a mode of payment for actual products or for settling transactions. However recent developments seem to indicate that this trend may be experiencing a change.

One such development is the announcements made by Ripple, a digital asset used for global payments, about partnering with well-known and distinguished financial institutions including PNC Bank and the Bill and Melinda Gates Foundation. PNC Bank ranks among the top ten banks in the United States and boasts of over eight million customers.

Masayoshi Amamiya’s statement on digital currencies and central banks is not the first instance where a high profile official of a central bank has weighed in on the issue. The head of the European Central Bank, Mario Draghi, also recently made statements that were seen to downplay the possibility of a central bank issuing digital currency stating the main reason for this outlook was the fragility of Blockchain technology which is the underlying technology for Cryptocurrencies. Mario Draghi is arguably one of the most distinguished figures in the world of global finance.

Conflicting Opinions

A lot of people within the Crypto space are not exactly surprised that this is the stance taken by many high profile individuals within the banking sector and by the central banks themselves. Many speculate that the main reason central banks seem to be taking this stance against Cryptocurrency is that it has the potential of disrupting the whole global settlement and payment system and is, therefore, a real threat to the operations of central banks.

Just recently Elvira Nabiullina, who is the head of the Central Bank of Russia, stated that the interest that was initially being experienced in the nation’s Crypto sector was declining. In the same breath, she acknowledged the effectiveness of ICOs (Initial Coin Offerings) as a means of raising funds and also pointed out that the sector was prone to scams.

Even with these discouraging statements being made by respected figures in the financial sector, there are still many other organizations that have expressed a contrary opinion. The World Trade Organization has recently published a report that seems to praise the potential that comes with digital assets.

Digital Currencies For Global Commerce

The report stated that Blockchain has the potential of completely overhauling how we trade, what we trade in and the people that complete the trades. The report which was mainly focusing on how digital technology was affecting the global commerce specifically centered on Ripple when discussing the potential of digital currencies in the global payments sector.

9 Comments

  • Avatar

    918kiss scanner version 2.2

    November 6, 2018 - 12:39 pm

    It isn’t difficult to do right and takes not much time.
    French Lick Springs Resort Brings Wish to Orange County, Indiana
    – Also from September of 2007. As you progress, these types of see shopping results for your hard works. http://s.u.b.s.tr.a.t.ei.l.n.z@s.no.W.d.r.if.t.q.b.v.n@winnetkatravel.com/install/info.php?a%5B%5D=%3Ca+href%3Dhttps%3A%2F%2Fjom.fun%2F%3Eonline+casino+malaysia%3C%2Fa%3E

  • Avatar

    918kiss scanner version 2.2

    November 6, 2018 - 12:39 pm

    It isn’t difficult to do right and takes not much time.
    French Lick Springs Resort Brings Wish to Orange County, Indiana – Also from September of 2007.
    As you progress, these types of see shopping results for your hard works. http://s.u.b.s.tr.a.t.ei.l.n.z@s.no.W.d.r.if.t.q.b.v.n@winnetkatravel.com/install/info.php?a%5B%5D=%3Ca+href%3Dhttps%3A%2F%2Fjom.fun%2F%3Eonline+casino+malaysia%3C%2Fa%3E

  • Avatar

    golden goose sneakers

    December 17, 2018 - 1:59 am

    Thanks for each of your efforts on this website. Ellie delights in making time for investigation and it’s really easy to see why. A number of us hear all of the compelling means you provide functional guidance via this web site and in addition welcome response from some other people about this article and my girl is certainly starting to learn a lot. Enjoy the rest of the new year. Your conducting a superb job.

  • Avatar

    longchamp handbags

    December 18, 2018 - 3:17 am

    I and also my friends were taking note of the excellent recommendations found on your website and before long got a horrible suspicion I had not thanked the web blog owner for those secrets. The women were passionate to read all of them and have now pretty much been taking pleasure in them. I appreciate you for actually being very accommodating as well as for figuring out these kinds of exceptional themes most people are really needing to know about. My honest regret for not expressing gratitude to you earlier.

  • Avatar

    nike roshe

    December 19, 2018 - 5:08 am

    I precisely wanted to thank you so much once again. I’m not certain what I would have undertaken without these creative ideas revealed by you over such a concern. This has been the hard case in my opinion, nevertheless finding out a new specialised approach you processed that made me to weep with joy. Now i am happy for this advice and then hope that you realize what a great job you are always getting into educating other individuals via your web blog. Probably you’ve never encountered all of us.

  • Avatar

    adidas yeezy

    December 20, 2018 - 11:51 am

    I would like to express appreciation to the writer for bailing me out of this particular incident. Because of searching throughout the internet and coming across ideas that were not beneficial, I thought my entire life was over. Living without the solutions to the issues you have solved as a result of this site is a serious case, and the ones that could have in a wrong way affected my entire career if I hadn’t noticed your website. Your good knowledge and kindness in playing with the whole lot was valuable. I don’t know what I would’ve done if I hadn’t come upon such a thing like this. I’m able to at this point look ahead to my future. Thanks a lot so much for the impressive and sensible guide. I will not hesitate to refer the sites to anyone who desires support about this subject matter.

  • Avatar

    custom baseball jerseys

    December 21, 2018 - 7:12 pm

    I truly wanted to jot down a simple remark so as to appreciate you for all the lovely instructions you are showing at this site. My long internet lookup has finally been rewarded with reasonable tips to go over with my visitors. I would express that most of us visitors actually are very much fortunate to be in a fantastic place with very many brilliant individuals with great points. I feel very lucky to have used the webpages and look forward to some more entertaining moments reading here. Thanks once again for a lot of things.

  • Avatar

    golden goose

    December 24, 2018 - 1:19 am

    I have to voice my respect for your kindness giving support to folks who require assistance with this subject matter. Your very own dedication to getting the message up and down had been definitely significant and have helped ladies much like me to get to their dreams. Your amazing interesting key points indicates much a person like me and especially to my office colleagues. Thanks a lot; from each one of us.

  • Avatar

    adidas ultra boost

    December 28, 2018 - 6:08 am

    I needed to post you this tiny note in order to thank you yet again with your marvelous suggestions you’ve shared on this page. It was so shockingly generous with you to give openly just what many of us would’ve marketed as an ebook in order to make some dough for their own end, chiefly considering that you could possibly have tried it if you decided. These smart ideas as well served to provide a easy way to recognize that many people have similar interest similar to mine to see good deal more with respect to this problem. I’m certain there are many more pleasurable times up front for those who read your blog post.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.