Japan's Central Bank Believes Blockchain Could Create Tax Issues
Growth in the use of both digital currencies and distributed ledgers could hold regulatory and monetary policy implications, a senior official for Japan’s central bank said today. Speaking during a fintech event at the Univeristy of Tokyo, Bank of Japan deputy governor Hiroshi Nakaso remarked about the benefits and risks of the increasing digitization of financial services. Particularly, the noted that the use of distributed ledgers could lead to confusion among regulators in instances where wholly electronic ledgers are maintained. He told attendees: “Moreover, if FinTech stimulates....
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A deputy governor of Japan's central bank has said that central banks worldwide need to pay close attention to developments surrounding digital currencies and blockchain technology. Speaking during a conference earlier this week in Japan, Deputy Governor Hiroshi Nakaso weighed in on several aspects of the financial technology landscape, including bitcoin and blockchain technology. Noting that the technology has "attracted considerable attention", Nakaso stated in his speech: "The application of those technologies would also change the structure of the financial....
Earlier today, the Bank of Japan (BOJ) announced that it began experimenting with the possibility of issuing its own central-bank digital currency (CBDC). The central bank first entertained the idea of a CBDC back in February. Now, the decision to ramp up their timeline coincides with other nations making strides in creating their own digital currency. China recently laid out its plans to create a digitized Yuan, with several pilot programs already under its belt. […]
The Bank of Japan has revealed a new joint research project with the European Central Bank to study potential use-cases of blockchain technology. More specifically, the ECB’s Directorate General Market Infrastructure and Payments will collaborate with the BOJ’s Payment and Settlement Systems Department, the latter which is already testing blockchain technology, to study “the possible use of distributed ledger technology for market infrastructure,” stated an announcement by Japan’s central bank today. The announcement comes a day after a speech by ECB executive board member Yves Mersh, who....
The Deputy Governor of the Bank of Japan, the country’s central bank, has stated that central banks around the world “will and have” to watch the progress and developments concerning digital currencies like Bitcoin and its underlying technology, the blockchain. Hiroshi Nakaso, a deputy governor of the Bank of Japan was speaking broadly about the financial market’s infrastructure in an age when innovation through financial technology is bringing about changes in payments and settlement systems. The recent speech [PDF] was heard during the ‘Conference on Retail Payments’ in Japan. Pinning....
Japan’s central bank is testing blockchain tech but has limited its work to research, according to one of its senior officials. Deputy governor Haruhiko Kuroda spoke earlier today during the Paris EUROPLACE Financial Forum in Tokyo. In remarks, he spoke about the opportunities and challenges regarding new kinds of technology in finance today. Earlier this year, Kuroda speculated that blockchain could reshape some financial processes, and in May called on other central banks to pursue research efforts like the ones currently being undertaken by the Bank of Japan. Some of the world's central....