In a recent speech at a meeting of academics in Nagoya, central Japan, Bank of Japan (BOJ) Deputy Governor Masayoshi Amamiya said that the BOJ “has no plan to create its own digital currency.”
Amamiya stated that such digital assets would work if central financial institutions “eliminate cash from society.”
Deputy Governor stated:
“In order for central banks to overcome the zero lower bound on nominal interest rates, they would need to get rid of cash from society.”
Earlier, the Japanese GMO Internet Group announced that it had plan to release a yen-backed stablecoin GJY for Asian markets in 2019.
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