Japan’s Ministry of Economy, Trade and Industry (METI) has been discussing the potential impact of blockchain technology on its domestic finance industry, new documents reveal.
METI’s latest meeting minutes reveal there was broad opinion among meeting participants that blockchain technology could “impact the whole financial industry”, stating:
The document goes on to note those at the meeting suggested blockchain technology could reduce costs significantly for financial institutions.
Still, the meeting saw METI weigh both sides of the ongoing conversation surrounding the technology, as the potential safety concerns of such systems were also discussed.
“For example, at present concerns in reputation and money laundering remain in bitcoin trading,” the minutes read.
Though a full list of attendees is not available on METI's website, participants in the group’s inaugural 6th October meeting included representatives from major financial firms that have already voiced interest in the emerging technology.
Read the full meeting minutes below:
Kyoto shrine image via Shutterstock
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