Central Bank of Japan: Cryptocurrency will make people's lives much easier in society

On March 30, at the training resource, the head of the information Department of the Bank of Japan Masashi Kuramoto published answers to questions entitled "Let's think about cryptocurrencies".
The publication is a summary of the answers to the most frequently asked questions about cryptocurrencies: about the use of cryptocurrencies in the real world, as payments or transfers, their profitability as assets, etc. One of the questions, for example, read: "should we better ban something that we do not understand"?

In response to this question, Kuramoto States that so far cryptocurrencies have not achieved the goals for which they were originally developed, namely "cheaper transfers" and "support for socially significant activities". Nevertheless, according to the Bank's representative, cryptocurrencies, when they reach a high level of maturity in the future, can make people's lives in society much more convenient.


"To do this, it is important to try this tool. There are reasons to believe that over time, existing cryptocurrencies will find new ways of using, contributing to further technological development," the representative of the Central Bank explained.
Despite the positive response, the representative of the Central Bank does not believe that cryptocurrencies can be compared with Fiat money, such as the yen or the dollar, as cryptocurrencies are not supported by the "Central Bank, Corporation or financial institution", and therefore, in his opinion, they lack confidence on the part of users.

Kuramoto did not ignore the topic of the infamous January theft of tokens for $ 530 million from the Tokyo crypto exchange Coincheck, accusing its leadership of neglect of security, and explaining that the investigations in this case have not yet been completed. Recall that the crypto currency exchange in February, has paid compensation to the victims of a hacker attack.


"As is known all over the world, cryptocurrencies are popular in Japan, so there is a possibility that bad guys from all over the world will look closely at Japan and gain different skills," the representative of the Bank added, reminding investors of precautions when investing in cryptocurrencies.
In mid-February, the head of the Japanese Central Bank at a meeting in Parliament said that cryptocurrencies are not a threat to the Japanese yen, and he sees them as a threat to existing currencies in the near future.
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