RATE Group | Japan’s Financial Authorities Discuss A National Cryptocurrency
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Japan’s Financial Authorities Discuss A National Cryptocurrency

22 Feb Japan’s Financial Authorities Discuss A National Cryptocurrency

Posted at 10:42h in Cryptocurrency News by

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Financial and monetary authorities in Japan are accelerating the process of creating their own digital currency. The Ministry of Finance, the Bank of Japan, and the Financial Services Agency have held an undisclosed number of meetings to establish a clear vision before eventually launching a central bank digital currency (CBDC).

Japan Prepares For A Bank-Backed Cryptocurrency

A recent local report informs about the meetings held by the BOJ, the FSA, and the MOF. Per the document, the country’s most prominent financial authorities discussed the potential merits and drawbacks of launching a digital currency.

They believe that a central bank digital currency (CBDC) could strengthen Japan’s online presence due to lower costs for cross-border financial transactions and easier access. However, the monetary authorities bring out possible illegal usage, as well. According to them, digital currencies could create opportunities for money laundering and other financial crimes.

The report…

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