The Bank of Japan must be ready to issue digital currencies if rapid technical a...
TOKYO - The Bank of Japan must be ready to issue digital currencies if rapid technical advances in settlement systems boost public demand, its deputy governor said, leaving open the chance of issuing central bank digital currencies in the future.
Masayoshi Amamiya said the BOJ had no immediate plans to issue CBDCs as various factors must be scrutinized, such as the impact on monetary policy and measures to ensure strict security standards. “The speed of technical innovation is very fast. Depending on how things unfold in the world of settlement systems, public demand for CBDCs could soar in Japan,” Amamiya said in a seminar in Tokyo on Thursday.Amamiya said the way monetary policy affects interest rates, asset prices and bank lending likely will not change much even if central banks begin issuing their own digital currencies.
Some U.S. academics say digital currencies would allow central banks to more easily impose negative interest rates on deposits, something that is “worth looking into,” Amamiya said.
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