Bank of Japan governor slams Bitcoin, questions its usage in settlements

The Bank of Japan Governor Haruhiko Kuroda recently did an AMA (Ask Me Anything) on Reddit and basically said that Bitcoin is a bubble that will burst, and that Japan has no plans to regulate it. He also referred to it as a “monetary proxy” to the Japanese Yen. Just like he was really upset that people used Bitcoin for payments, he’s also upset that Bitcoin is being used to settle financial transactions. He’s kind of like a Bitcoin bear.

Japanese Bank of Japan Governor Haruhiko Kuroda, was questioned by a reporter as to why he thinks Bitcoin is in a bubble and that it should not be used as a means of settling financial transactions, and that it is not going to be an investment. This is the first time that a governor of a central bank has publicly expressed his opinion on Bitcoin.

The Japan-based cryptocurrency exchange and wallet service, Coincheck, has been praised for its gesture after the service was robbed of $500 million worth of NEM, the 26th largest cryptocurrency by market capitalization. But the exchange, which is based in Tokyo, is not alone. In fact, the Japanese Bank of Japan has recently taken a sharp turn against Bitcoin and cryptocurrency in general. The central bank’s governor, Haruhiko Kuroda, has recently become the first mainstream authority to directly criticize Bitcoin and its underlying blockchain technology in a public setting.. Read more about yuan coin news and let us know what you think.

According to business news agency Bloomberg, Bank of Japan Governor Haruhiko Kuroda questioned bitcoin in an interview yesterday. The bank is currently testing the digital yen, a digital version of its fiat currency, but remains cautious about cryptocurrencies. Most of the trading is speculative and volatility is extremely high, said Kuroda, who questioned the use of bitcoin as an investment vehicle over traditional financial assets. It is hardly used as a means of settlement, he added. These comments are similar to those made by Federal Reserve Chairman Jerome Powell earlier this year, when he said the cryptocurrency market was largely a vehicle for speculation. Bank of Japan in Tokyo. (Source: WSJ) Bank of Japan governor slams Bitcoin, questions its usage in settlements

Stable currencies, but not Bitcoin

The Bank of Japan has largely allowed the public use of cryptocurrencies and is generally supportive of cryptocurrency businesses such as exchanges and wallets. Yesterday alone, more than $1 billion was traded on local exchanges, according to CoinGecko, with Bitcoin, Ethereum, and MonaCoin being crowd favorites. Over the past year, however, the bank has largely focused on stablecoins, i.e. digital currencies whose price is the same as that of fiat currencies such as the US dollar. The digital yen is reportedly already undergoing limited testing in a sandbox environment, brought to attention by the current panic over the coronavirus and the need to move away from paper money (which is contact-based). In this regard, Kuroda said that stablecoins have assets that support their value compared to cryptocurrencies like bitcoin. Stable currencies must also meet sound legal standards and governance codes to be a practical means of payment in the future, he added. Meanwhile, Kuroda claims no one stole bitcoin, but the data shows otherwise. Blockchain data from tracking tool YCharts shows bitcoin made more than 214,000 separate transactions yesterday, nearly half of the peak of 398,000 recorded in January 2021. But that’s still less than Ethereum, the world’s most widely used blockchain, on the other hand. Yesterday, more than 1.2 million transactions were made within the protocol.

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On Friday the Bank of Japan (BOJ) governor Haruhiko Kuroda issued a warning to anyone considering using cryptocurrency in their daily life, stating that it is risky and it means they aren’t worth the time. He also questioned its effectiveness in settlements, as cryptocurrencies are reported to be used by a small minority of traders and many Japanese don’t understand how to operate them.. Read more about china cbdc and let us know what you think.

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