Japan's Central Bank is 'Test-Driving Distributed Ledgers'
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....
Related News
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....
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....
In one of the first instances of blockchain technology developed and tested for accounting systems rather than post-trade settlement and securities processes among financial institutions, the SBI Sumishin Net Bank in Japan has conducted a successful blockchain test which saw distributed ledgers replace their actual ledgers. A three-month long experiment by Japan-based SBI Sumishin Net Bank in collaboration with Singapore Fintech startup Dragonfly Fintech and Japanese blockchain solutions provider Tech Bureau Corp – developer of Mijin, the distributed ledger tech used in the experiment —....
The central bank of Japan will not be applying blockchain to its payments and settlement systems any time soon, the institution has said. Following a statement last year by the Bank of Japan’s deputy governor Haruhiko Kuroda, that the the bank was "test driving" distributed ledger technology, the bank's head of payments has now clarified the research. Masafumi Miya, who also oversees the bank’s fintech center, told CoinDesk: "These trials by the bank's staff simply aim to understand the mechanics of DLT, rather than applying it to the bank's own liabilities or its payment....
Trying to make sense of how Russia feels about Bitcoin and blockchain has become increasingly difficult as of late. Now, the Russian Central Bank strongly feels blockchain and distributed ledgers are not the same thing. It is not the first time the Russian Central Bank has shown keen interest in distributed ledger technology, as the financial institution....