Bank of Japan: Blockchain Could Alter Financial Services
The way financial services are designed could evolve with the development of blockchain technology and distributed ledgers, the governor of Japan's central bank said this week. The new remarks from Haruhiko Kuroda, governor of the Bank of Japan, were issued at an event held at the institution's FinTech Center, itself established this year as part of an effort to study financial tech. He cited artificial intelligence and blockchain as advances that could alter the face of financial services. Kuroda said: "Given that the development of financial services has been supported by ledgers as....
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The Deputy Governor of the Bank of Japan, Hiroshi Nakaso, has revealed that there is no plan to issue digital currencies as a substitute for banknotes at the present time. Still, the official added the bank would “make utmost efforts” to understand and research blockchain technology, an innovation “born” with bitcoin in 2008, as stated by Nakaso. The Deputy Governor was speaking [PDF] at the University of Tokyo – Bank of Japan Joint Conference in Tokyo late last week. He opined that blockchain or distributed ledger technology (DLT) presents significant potential to affect “money” and....
Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.
Japan to Tighten Stablecoin Regulation
Japan’s Financial Services Agency (FSA) is planning to tighten the regulation of stablecoins by imposing strict rules on their issuers, Nikkei reported Monday, stating:
The Financial....