Japan Central Bank Official Says It is Important to Try Using Cryptos


Japan Central Bank official says it is important to try using cryptos, while he also has stated that cryptocurrencies have not yet reached their initial goals – ‘cheaper remittance’ and to ‘support socially significant activities.

5 April, AtoZForex The central bank of Japan has revealed some of the insights in its published general Q&A related to cryptocurrencies. Earlier on March 30, the Chief of the Bank of Japan’s Financial Services Information Division Masashi Kuramoto has published a summary Q&A entitled “Let’s think about cryptocurrencies!” The document is available for the general public on the educational site operated by the central bank.

Japan Central Bank Official Says It is Important to Try Using Cryptos

The report provides a brief and simple summary of responses to frequently asked questions (FAQs) related to cryptocurrency market. Some of the questions are connected to the cryptocurrency usage in the real world in such areas as payments and remittances. Some other questions also address cryptocurrency profitability as an asset and more.

One of the questions, which is worth to highlight, states the following: “Shouldn’t it be better to ban something we don’t understand?”

In order to answer this, Kuramoto has stated that cryptocurrencies have not yet reached their initial goals – ‘cheaper remittance’ and to ‘support socially significant activities.’ Yet, the official has added that digital currencies could emerge as a new mechanism that could significantly ease people’s lives.

Cryptos Still Lack Trust

The central bank official has also added:

“To that end, it is important to actually try it in the world. There is reason to believe that will allow us to use existing cryptocurrencies, accumulate use cases and promote further technical development.”

Following on this, he also has dismissed the fact that cryptocurrencies could be compared to fiat money, such as yen or dollar. He noted that the latter group is backed by central banks while cryptocurrencies do not regard any issuer as a ‘central bank, corporation or a financial institution’. Therefore, according to Kuramoto, cryptos lack users’ trust.

He continued by stressing the Coincheck NEM tokens theft. He has blamed the exchange for having insufficient fraud prevention measures. He has added:

“ince Japan is known worldwide as a country where virtual currency trading is popular, there is the possibility that bad guys around the world will look at the virtual currency traded in Japan and get various skills.”

Finally, Kuramoto has reiterated that investors and adopters need to exercise caution.

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