Bank of Japan won’t issue cryptocurrency, Central Bank of Cambodia probably will

Haruhiko Kuroda, Governor of the Bank of Japan, negated that his institution would issue its own cryptocurrency in a near future.

However, Bank of Japan will keep on searching for a suitable technology that could be used for the purposes. Kuroda warned of stable coins legally used in Japan. According to him, companies should focus on big companies emitting globally traded cryptocurrencies. Because it can significantly affect monetary policy stability and financial system of any country.

Nevertheless, Asia can expect its cryptocurrency issued by Central Bank. The reason is that National Bank of Cambodia informed of its interest to issue a digital currency during 2020. A platform provided by Japan company Soramitsu should be utilized for that matter. The institutions have been cooperation since 2017.

National Bank of Cambodia also stated that even though only 20-30% of the population own any bank accounts. The majority operates the accounts with their smartphones. That’s why the bank considers issuing digital currency to be a right decision.

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