During a FinTech forum in Tokyo, the head of the Bank of Japan (BOJ) Hiromi Yamaoka announced that he doesn’t support the idea of substitution of physical money by cryptocurrecy. He noticed that Japan is a country with established financial infrastructure, which is free from the danger of digital money expansion. Yamaoka suggested that digital money is out of government control and that is the reason of its immaturity.
Besides that, the Bank of Japan emphasized that the excitement for ICO, which is inextricable linked to cryptocurrency, is impressive. A number of smaller japanese banks does not share the view of the central bank. They are trying to use the blockchain technology in a money transmission, which can replace existing unprogressive payments platform named “Zengin”.
The problem is that Japan — one of the most developed countries — remains behind China and Korea because of underdevelopment of payment systems. The ministers of Japan decided to implement a FinTech growth strategy to increase the percentage of adoption rate of cashless payments from 19 to 50%.