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   118

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.

Consensus 2018 summit to be held in New York City

4th annual blockchain technology summit - Consensus 2018, will take place in New York City on May 14-16
22 April 2018   32

CoinDesk has announced its 4th annual blockchain technology summit Consensus 2018 on May 14-16 at the New York Hilton Midtown. Along with the discussions on the blockchain technology, the event is going to feature a hackathon, PoW pitch competition and a scholarship award in a partnership with Zcash. Title sponsors of the event include bloq, Deloitte, Ledger, Octagon Strategy and SONM.

Consensus 2018 will feature 250+ speakers and 4,000+ attendees from the leading industry startups, investors, financial institutions, enterprise tech leaders, and academic and policy groups who are building the foundations of the blockchain and digital currency economy. Among the notable speakers there will be Blockstack co-founder Dr. Muneeb Ali, J.P.Morgan blockchain program lead Amber Baldet, eToro CEO and founder Yoni Assia, Hyperledger executive director Brian Behlendorf, ConsenSys founder Steve Cerveny, Athena Capital founder Meltem Demirors and many others.

The full 3-day agenda of the event can be found here.