Study the most suitable way for Japan to promote digital currency and make full use of blockchain technology

Former Director of the Japan Banking and Settlement Agency: Will study the most suitable way for Japan to promote digital currency and make full use of blockchain technology. On June 8, the People‚Äôs Daily published a joint meeting on the establishment of digital currencies in Japanese companies. The article pointed out that a few days ago, Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Bank and other banks, East Japan Railway Company, Japan Telecom and Telephone Corporation and other 10 large Japanese companies set up a digital currency joint meeting to face the challenges of expanding cashless payment. To sort out, study the compatibility of digital currencies, and promote the realization of digital currencies. If a consensus is reached, it is expected to facilitate the Japanese people to make electronic payments more conveniently, and to explore issues such as the scope of digital currency use. However, Japanese people’s demand for cash is deep-rooted. Therefore, at this stage the Bank of Japan is cautious about introducing the digital yen prematurely. The Bank of Japan said that there are no plans to issue digital currency, but it has conducted joint research with institutions such as the European Central Bank. The chairman of the digital currency joint meeting and former director of the Bank of Japan Clearing Agency Bureau said that he will study the most suitable way for Japan to promote digital currency and make full use of blockchain technology. He said: “Many central banks have not yet issued digital currency. It is not so much because of technical obstacles. It is better to say that it has not solved the possible impact of the implementation of digital currency on the financial system and monetary policy.