Bank of Japan asserts immaturity of digital currency

Representatives of the central bank say that cryptocurrency cannot replace public money
23 November 2017   269

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%.


Arizona to Protect Crypto Nodes Legally

According to the public records, proposed protections for cryptocurrency node operators are moving ahead in Arizona's legislature
21 February 2018   44

On February 6 House Bill 2602 was filed by Representative Jeff Weninger (R.-17). It passed the Arizona House of Representatives on February 20 with 55 out of 60 votes. Now it will be sent to the State Senate.

The bill will prevent governments in the state from imposing restrictions on people who run nodes in their residences.

The bill does not specify whether it is restricted to cryptocurrency miners. However, the bill states that individuals using computing power to either validate or encrypt a transaction on a blockchain are protected.

This is just one out several bills making their way through the Arizona legislature. Another bill by Weninger would formally define the terms "coin", "blockchain," and "initial coin offering" within the state's legal framework.

Another bill recently passed by the Arizona Senate which would empower the state government to accept taxes in bitcoin and other cryptocurrencies.