$ 29,248.00 3.43%
$ 1,964.80 3.20%
$ 49.90 4.76%
$ 0.084425 2.74%
$ 7.77 2.55%
$ 1.35 4.64%
$ 0.000106 24.53%

Japan releases report on the role of central virtual assets

japan releases report on cryptocurrency in economy

Japanese Central Releases Report analyzing roles that centrally backed up virtual assets could play in the financial network. Japan’s Central bank has analyzed the applications and setbacks of central bank digital currencies (CBDCs) in the current financial network on a recent report.

The documents published on 19 February discuss how the CBDCs can be applied and different outcomes that will come from choosing different routes to it. Then the report discusses their two main categories, one, that will be limited for high-worth exchanges and two, those that could be available to the general public.

The categorization is from the report released by Bank for International Settlements back in the first half of the previous year. That document had divided CBDC’s in wholesale and general purpose.

The documents than shortly discussed the former one and elucidated how this would not have much impact on the money network. Then it discussed the latter kind for the rest of the documents. The report also includes the potential and applications of implementing blockchain technology in creating a token based CBDC.

The report highlighted the positive outcomes that may come through CBDCs however, last year the governor of Japan’s central expressed his uneasiness for CBDCs.

The governor, Masayoshi Amamiya started by pointing out what experts stated as a solution to the zero bound problems then stated that “to overcome the zero lower bound on nominal interest rates they would need to get rid of cash from the society.” The bank is, however, not considering following that route.

A similar stance was taken by South Korean central bank that issued a warning at CBDCs after announcing that it would not introduce one itself.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Dogecoin price analysis: DOGE illustrates stable dynamics at $0.0869
Seth Green loses his 4 NFTs in a Phishing scam; begs not to buy them.
Verasity Price Prediction 2022-2031: Soon to hit $0.50 after Crypto.Com listing?
Polkadot price analysis: DOT/USD gains a massive value at $10.08
Vitalik Buterin reveals when Ethereum merge could happen

Follow Us

Industry News

President of Panama Refuses to Sign the Cryptocurrency Bill
Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program