The Bank of Japan was one of the last public financial institutions recognize the risks of cryptocurrency issued by the government. According to the Vice-President of the Central Bank Masayoshi Amamiya (Masayoshi Amamiya), the state of the cryptocurrency can jeopardize the traditional financial system created in the developed countries. He said that the Central Bank of Japan plans to issue its own cryptocurrency.
About Masayoshi Amamiya said during a FINTECH conference, which was attended by representatives of the International monetary Fund and the Japanese financial services Agency (FSA). Amamiya noticed that Central banks created to overcome «the chaos caused by the multitude of payment instruments». That is why they were given the exclusive role in issuing «Central Bank money», he explained. Modern duplex in the financial system private banks provide payment services to the General public and allocate financial resources to the economy through credits and loans. According to the representative of the Central Bank, this structure demonstrates «the historical wisdom of people to achieve both effectiveness and stability.»
Masayoshi Amamiya also shared spaseniye that the issue of government cryptocurrency will provide companies with direct access to the operations of Central banks. «It can have a big impact on two-tier currency system and financial intermediation of private banks,» warned the representative of the Central Bank. Currently the Central Bank allows direct access to their accounts only to a limited number of subjects, for example, private banks.
Comments Masayoshi Amamiya have at a time when an increasing number of Central banks and financial regulators reject the concept of the state of cryptocurrency. The proposal to issue such digital coins on the basis of the blockchain (or without it) for the last few months have been made in several countries. They were considered as alternatives to decentralized cryptocurrency that would enable governments to implement this technology without losing control over the financial system.
This month, a senior Swiss national Bank expressed
concern the same subject as the Vice President of the Bank of Japan. According to Andrea Mehler (Andrea Maechler), member of the Board of Directors of the Central Bank of Switzerland, the unofficial cryptocurrency carry much less risk than the state. The Central Bank of Russia also, at first with enthusiasm
reacted to the idea of national cryptocurrencies, but then the institution has repeatedly made statements that there is no «scriptorama» will not.
Most of the fuss about the state of the cryptocurrency Venezuela Petro, which was released
in February. President nicolás Maduro has repeatedly stated large sums derived from its sale, and also strongly promoted the new currency on the world stage. In addition to Venezuela several countries announced its intention to issue its own cryptocurrency. Among them Cambodia, the Marshall Islands and other States that seek to circumvent Western sanctions with its own tokens.