Hiromi Yamaoka, a senior official at the Bank of Japan has disclosed that his institution has no major problems Bitcoin. The Japanese apex bank has been getting calls from other sister banks around the world proposing the creation of a global regulatory regime for Cryptocurrencies. The Japanese however have a different line of thinking.
Yamaoka, Bank of Japan’s Director-General of payment and settlements stated that, “There’s undoubtedly growing interest among global policymakers on how to deal with Cryptocurrencies. Japan’s approach would be to think about how to curb excesses without discouraging innovation.”
Japan has always been successful when it comes to dealing with Cryptocurrencies, especially Bitcoin, which is legal in the country. As the third largest world economy behind China and the U.S, Japan is doing just fine when compared with other countries still grappling with what to make of digital currencies.
Ironically, Bitcoin’s price rise has sped up concern among regulators. There are regular calls on a daily basis from different countries for the control or banning of digital assets. Japan however seems to be very cautious, erring on the side of letting these new forms of digital money to flourish first.
Yamaoka noted that “It’s uncertain whether global cooperation would mean global regulation. It may mean sharing a common view on the risks involved in Cryptocurrency trading and seeking to send out a common message. Global harmonization may not necessarily mean global regulation.”
At the moment Japan is already a Crypto leader hoping for greater boosts in the months and years ahead. The country is still recovering from a recession, one that happened not so long ago and took more than a decade to recover from. Some analysts think that innovative technologies like Bitcoin is something Japan should embrace.
Yamaoka finally stated that “so far, I don’t think there are any big problems, but we need to look carefully. If the exposure turns out to be huge, we may need to follow up and work to maintain financial stability together with the Financial Service Agency.”
Yamaoka is convinced that Bitcoin pose no threat because the Cryptocurrency is not commonly used in many transactions relative to the overall economy.