fbpx

Digital Yen Would Make Crypto Markets ‘More Lively,’ Says CEO of Monex Group

bit2Big > Bitcoin News > Digital Yen Would Make Crypto Markets ‘More Lively,’ Says CEO of Monex Group

The chief executive of Monex Group, a financial services firm based in Tokyo, believes central bank digital currencies (CBDCs) would be a boon for the cryptocurrency market.

As reported by Reuters on Wednesday, Oki Matsumoto said the introduction of a digital version of the yen by the Bank of Japan (BoJ) would “significantly enhance the interoperability of cryptocurrencies” by smoothing the process of exchanging them into legal tender.

Further, smaller brokers don’t always have bank accounts, he said.

Matsumoto’s company manages a host of retail online brokerages in Japan and overseas and is also the owner of Tokyo-based cryptocurrency exchange Coincheck.

The BoJ has been exploring the implications of CBDCs having set up a task force in July and moving its most senior economist, Kazushige Kamiyama, to lead the department in charge of digital currency research and development. A proof-of-concept trial is likely to take place in 2021, the central bank said recently.

“[A digital yen] would make the cryptocurrency market more lively,” Matsumoto told Reuters.

Bit2Big

Bit2big offers global digital finance solutions based on blockchain, cryptocurrency investments and blockchain services.

With a presence in Switzerland, Nigeria, Rwanda and Uganda we are driving the adoption of blockchain technologies in the east and west Africa.

Transformative, empowering, progressive and integral. At Bit2big we believe in ownership, financial stability and having control over your future.

News

A Bitcoin ETF: What does it all mean?
October 19, 2021By
Jacobi Asset Management Wins Bitcoin ETF Approval in Guernsey
October 15, 2021By
Understanding the Flow of Money in Crypto – Part 1 of 3
October 15, 2021By

Recent Cases

Related Posts

Leave a Reply