The Bank of Japan: digital currency from the Central Bank is not the best idea

Date:

2018-10-24 16:45:09

Views:

138

Rating:

1Like 0Dislike

Share:

The Bank of Japan: digital currency from the Central Bank is not the best idea

According to the New York Times, the Deputy Governor of the Bank of Japan (BOJ) Masayoshi Amamiya confirmed a negative stance against digital currencies from Central Banks. Speaking at the meeting in Nagoya, Amamiya expressed doubt about the prospects of improving the existing currency system using digital currencies from Central banks (CBDC). He also assured that Japan has no plans to release such decisions.

In the NYT article says that some financial experts consider the CBDC as a tool of control of the economy for Central banks when interest rates fall to zero. Theoretically, the CBDC will allow Central Banks to stimulate the economy due to higher interest rates on deposits for individuals and companies. It should encourage them to spend more money.

Amamiya denied the theory that the accrual of interest at the CBDC is possible only if the total elimination of Fiat from the financial system. Otherwise people will simply output the digital currency with cash to avoid interest payments.

In turn, the Central Bank will not be able to withdraw Fiat from the monetary system of Japan, as paper money continues to use the population demand.

the

Cryptocurrency banks. Yes or no?

In April Amamiya has already spoken out against CBDC, arguing that the negative impact of a government cryptocurrency on the existing financial system. However, if the representative of the Bank of Japan argued that the Bank still eyeing the emerging market of cryptocurrency. Apparently, plans changed.

The Bank does not intend to establish CBDC, which people could freely use for your everyday payments. In the transition from existing national currencies to cryptocurrencies, the emission of which involved Central banks, we will face serious obstacles. For example, cryptocurrency assets are often associated with speculative investments and do not inspire confidence as a reliable means of payment.

Information was prepared . More data to search for .

Recommended

John McAfee: do not panic in a bear market

John McAfee: do not panic in a bear market

Panic is for the weak. Even fully impaired portfolio with aldaine is not a reason for discouragement. So says John McAfee, known for his bullish about the price of Bitcoin. As he said on Twitter, the last plums of the stock market was another «k...

Bitcoin will drop to $ 1,000. Unprecedented bearish analyst

Bitcoin will drop to $ 1,000. Unprecedented bearish analyst

After Bitcoin is still shaking, and with it all the alternative cryptocurrencies. Literally in a few hours and BTC for almost a week continues to fall. At the moment, it ranges at around $ 4,500, while the market capitalization of the coins fell belo...

Into the abyss: Bitcoin Cash continues to fall. When the rebound?

Into the abyss: Bitcoin Cash continues to fall. When the rebound?

Cash is under strong selling pressure, which appeared on the market after a draining of Bitcoin. Hardwork althena was not the best way, even if one of the parties « hasraton» managed to gain a formal victory. In the near future, the asset ...

Comments (1)

2018-10-24 в 18:12:23

0 0

Let me take this medium to introduce y'all to an exchange for bitcoins that I know. I sell bitcoins safely on their website and their service is very fast. They are CryptoExMart.com

Answer
Add comment

Related News

Hacked cold storage Trade.io. Hackers stole 7.8 million dollars

Hacked cold storage Trade.io. Hackers stole 7.8 million dollars

According to the security service of the Swiss stock exchange Trade.io, the platform promised to attack on Sunday. It was about the wallet that was supposedly safely protected and stored tokens TIO. In the end, the vault of the ex...

When altcoins will come out of

When altcoins will come out of "hibernation" and will fly up? Response graphs

most of the altcoins are still unsuccessfully trying to resist growing pressure from the bears. And although the top coins like remain stable, the likelihood of a new wave drain is still high. From today's collections of coins the...

Co-founder of the Ethereum Foundation: cryptocurrencies are not on the verge of collapse

Co-founder of the Ethereum Foundation: cryptocurrencies are not on the verge of collapse

co-founder of the Ethereum Foundation Joe Lubin sees on the horizon a serious problem for crypto-currencies. Unlike other well-known experts that the collapse of the stock market almost every day, Lubin maintains an optimistic poi...