fbpx
Skip to content Skip to sidebar Skip to footer

BOJ’s Former Executive Says Libra is a Catalyst for Central Banks Digital Currencies

Hiromi Yamaoka, a former Bank of Japan (BOJ) executive, commented that Facebook’s Libra project is both a challenge and a catalyst for central banks to realize the benefits of digital currency issuance (CBDC). He also encouraged the establishment of a group to study the potential and possibilities of central banks’ digital currencies.

Shortly after Facebook revealed its attempt to create their own digital money, also known as Libra. The central banks from the United Kingdom, Europe, Japan, Canada, Sweden, and Switzerland have announced a meeting to discuss and exchange information on matters related to digital currency. The discussion was to explore the feasibility and benefits of adoption, including various regulatory & laws to govern digital & cryptocurrency such as Libra and Bitcoin.

“Digital currencies like Libra will enable faster transactions faster at a much lower cost than the current system. Central banks all over the world should see the potential of the underlying technology. To meet the needs of consumers and increase efficiency, banks must adapt to the changes and embrace newer technology such as Blockchain.” Added, Mr.Yamaoka

This is not the first time the Bank of Japan (BOJ) is trying to integrate blockchain technology with the financial industry. Previously, in 2017, the Bank of Japan has collaborated with the European Central Bank (ECB) to study the possibilities and benefits Blockchain. However, the project was canceled due to the immaturity and unclear capacity of the technology.

Later in 2019, the Reserve Bank of Japan came out and warned about the potential impact of Libra. They urged for international cooperation in setting up rules and frameworks for this new technology, which could very well have a tremendous effect on the finance industry in the near future.

You may also want to read: Singapore Government, ICC & Industry Leaders to Integrate Blockchain-based Trade and Commerce

Leave a comment

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain & crypto news provider, covering daily news focused on trading and investment developments in bitcoin and crypto. We bring you expansive crypto news coverage around the world. We offer many thought leadership opinions from blockchain experts and leaders of the industry.

Subscribe to SCN

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

111 North Bridge Road, 21-01, Peninsula Plaza, Singapore 179098.

Phone: +65-80282938

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us

About SuperCryptoNews

SuperCryptoNews is a global leading blockchain and crypto news provider, covering daily news on the latest tech and trading developments in crypto. We bring you expansive crypto news coverage especially in Asia, with a focus on Singapore, Thailand and Southeast Asia.

Follow Us On

© Copyright of Novum Global Consultancy Pte Ltd {2020, 2021}. All rights reserved.

Contact Us   |   T&Cs   |   Privacy Policy   |   About Us