Bank of Japan asserts immaturity of digital currency

Representatives of the central bank say that cryptocurrency cannot replace public money
23 November 2017   1013

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%.


Bakkt to Unveil Bitcoin Futures Test Date

Along with date announcement, COO Bakkt believes the platform will attract institutional investors and set new standards for the cryptocurrency market
14 June 2019   199

The Bakkt cryptocurrency platform has named the exact start date for testing Bitcoin futures. The first users will be allowed to test the tool on July 22.

According to Bakkt's Operations Director, Adam White, the platform will attract institutional investors and set new standards for the cryptocurrency market.

White pointed out that the wider distribution of cryptocurrencies, in particular, is hampered by unreliable pricing mechanisms and the likelihood of instantly falling rates.

Along with these problem-solving solutions that are new to digital asset markets, Bakkt also brings all the other features that institutions would expect in a versatile and broadly accessible market, including: block trades; a fee holiday through the end of the year to encourage trading; market maker incentive programs to encourage liquid markets; and integrations with ISVs and regulated brokerage platforms.

Adam White

COO, Bakkt

At Bakkt, two futures contracts will be presented - with daily and monthly settlements. Risk management and the securing mechanism for these contracts will meet the standards of the traditional derivatives market.