Early fall The Bank of Japan announced plans to begin testing a CBDC proof of concept in 2021. Since then, further details of the institution’s development approach and collaboration have become known. with signs that the private sector is ready to play a leading roleat least in the test phase.
Reuters reported earlier today that the CEO of the financial services company Monex Inc.. welcomes the central bank’s more proactive stance towards central bank digital currencies (CBDCs).
The managing director Oki Matsumoto argued that Every step towards the introduction of a CBDC would be positive for the digitization of the Japanese economywhat makes it more efficient. In addition, Matsumoto also saw an advantage for the digital currency sector outside of banks:
“CBDCs will significantly improve the interoperability of cryptocurrencies. It would give more life to the cryptocurrency market. “
For Matsumoto, the fact that many smaller crypto exchange brokers don’t have bank accounts provides a cap and hurdle for traders looking to convert their crypto assets into fiat money. With a CBDC in Japan, he argued, there would be an opportunity to support a more seamless conversion between legal and cryptocurrency offerings within a “digitally compatible” platform.
In spring 2018, Monex Inc. bought the Japanese cryptocurrency exchange Coincheck in particularshortly after the platform was hacked. It has been reported that more than $ 500 million worth of stolen cryptocurrencies have been lost.
Monex is still active in the field of digital assets, last year applied to join the Libra Association, Facebook’s planned global stablecoin governance consortium.