TL:DR Breakdown
- The chairman at Monex Group opined today that a CBDC could help to boost the country’s digital economy.
- He added CBDC would propel more crypto trading, as it will become a great medium for fiat conversion.
Oki Matsumoto, the CEO and Chairman of Japanese financial services company Monex Group is the latest to relay a supportive opinion on the country’s move towards central bank digital currency (CBDC). He opined that the CBDC could propel more digital currency trading in the country. Japan is among the popular countries currently researching CBDC, although it doesn’t have plans to issue one anytime soon.
Monex Group’s Matsumoto supports Japan CBDC
According to reports on Wednesday, Matsumoto mentioned that the digital Japanese Yen would facilitate the country’s push towards an efficient and digitized economy. He added that such a digital currency would improve cryptocurrencies’ interoperability, making trading more convenient for Japanese crypto traders. “It would make the cryptocurrency market more lively,” the CEO of Monex Group said.
Matsumoto holds the view that a central bank digital currency will serve as a vital medium for converting digital currencies to fiat since it will represent the digital version of Japanese legal tender. He mentioned that the process of exchanging digital currencies for the Japanese Yen is quite challenging at present. This is because many crypto exchanges and brokers in the country don’t own any local bank account.
However, a CBDC would enable a streamlined process for converting between the Japanese Yen and other digital currencies, including Bitcoin. The financial services company, Monex Group, is engaged with cryptocurrencies via Coincheck, a digital currency exchange that it owns and operates in Tokyo.
Japan is researching a CBDC
According to a recent report, Japan is currently researching the concept of CBDCs and will be experimenting with the digital currency by next year. Despite the moves, the authorities made it known that they do not see any strong case yet to warrant the immediate launch of a CBDC. However, all the research and tests are planned to keep them updated and ready if the needs become urgent.
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