Bank of Japan Has No Plans for National Cryptocurrency

BoJ's deputy governor said issuing a crypto directly for consumers could undermine the existing two-tiered system (central bank - banks and banks - comsumers)
17 April 2018   516

The Bank of Japan does not plan to issue its own digital currency at the moment, concerned that this could negatively affect financial stability. This is reported by CoinDesk.

On Friday, in the closing remarks at the IMF conference and the Japanese Financial Services Agency, the deputy governor of the Bank of Japan Masayoshi Amamiya said that the issue of digital currency for direct use by consumers - with or without blockchain - could jeopardize the existing two-tier financial system.

Currently, central banks provide access to a limited number of institutions like private banks (the first level) that already work directly with consumers (second level). Amamia calls this process proven "the wisdom of human beings in history to achieve both efficiency and stability in the currency system."

Thus, according to Amamia, the availability of a digital currency backed by a central bank will change the system, but it will not necessarily preserve its financial stability.

In this regard, the issuance of central bank digital currencies for general use could be analogous to allowing households and firms to directly have accounts in the central bank. This may have a large impact on the aforementioned two-tiered currency system and private banks' financial intermediation.

Masayoshi Amamiya

Deputy governor, Bank of Japan

Nevertheless, according to Amamiya, it is possible that the central bank of Japan will issue its own digital currency in the future. His department has already begun to explore the technology of blockchain with a focus on other areas.

Bitfury to Unveil BTC's Lightning Network Tools

An open-sourced LN wallet, software and hardware payment acceptance solutions, etc
23 January 2019   77

Bitfury Group presented a number of tools designed to foster the development of the Lightning Network (LN), CoinDesk reports.

Among them: an open-sourced LN wallet, software and hardware payment acceptance solutions for merchants and payment processing. The company also introduced tools for developers and an open-source LN node called The Peach.

According to Bitfury representatives, all these tools are designed to make working with a second-level network easier and more convenient for companies and ordinary users. New products created by the Lightning Peach team.

By providing these products to the market, Bitfury is encouraging worldwide adoption of this technology and providing unparalleled support to consumers and merchants.
 

Valery Vavilov

CEO, Bitfury

Among other things, last week Bitfury added support for LN solutions on the BTCBIT cryptocurrency exchange.