Japan’s Central Bank: Cryptocurrencies Crucial for Further Technical Development

April 9, 2018

The head of Financial Services Information Division at the Bank of Japan Masashi Kuramoto has published a “question-and-answer” article titled “Let’s think about cryptocurrencies!” at educational website administered by the Bank.

The article covers frequently asked questions on cryptocurrency-related matters.

One of the questions to stand out particularly is:

“Shouldn’t it be better to ban something we don’t understand?”

Giving an answer to it, Kuramoto points out, cryptocurrencies haven’t achieved the objectives they had been created for – cheaper money transfers and support of socially important activities. He added, however, when getting ripe enough later cryptocurrencies will form a brand new environment that could significantly improve human lifestyle.

For instance, he noted:

“To that end, it is important to actually try it in the world. There is reason to believe that [it] will allow us to use existing cryptocurrencies, accumulate use cases and promote further technical development”.

Apart from the rousing speech, Kuramoto also mentioned recent hack of the Tokyo crypto exchange Coincheck with $530-million-worth NEM tokens stolen. He accused the exchange of it taking insufficient measures against fraud and added intensive investigation is now underway.

“Since Japan is known worldwide as a country where virtual currency trading is popular, there is the possibility that bad guys around the world will look at the virtual currency traded in Japan and get various skills”, the Bank’s official remarked speaking on existing risks investors may face.


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