A deputy governor of Japan's central bank has said that central banks worldwide need to pay close attention to developments surrounding digital currencies and blockchain technology.
Speaking during a conference earlier this week in Japan, Deputy Governor Hiroshi Nakaso weighed in on several aspects of the financial technology landscape, including bitcoin and blockchain technology.
Noting that the technology has "attracted considerable attention", Nakaso stated in his speech:
The comments come two years after another Bank of Japan official, governor Haruhiko Kuroda, told reporters that he did not believe bitcoin qualified as an actual form of currency, and as such, Nakaso’s new comments suggest more openness on the part of the central bank.
The Japanese financial industry has certainly indicated its willingness to test the technology – an intriguing move given that Japan was home to Mt Gox, the now-defunct bitcoin exchange that collapsed amid allegations of fraud.
investments in Japan’s bitcoin and blockchain space indicate that local investors see a future for the technology, with two startups recently raising a combined $30m to advance their regional bitcoin and blockchain businesses.
Tokyo image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.