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Japan: “Digital will not replace cash”

Categories : Cash has legal tender status, Cash is universal
December 7, 2017
Tags : Asia, Bitcoin, Cryptocurrency, Japan, Universality
Although Japan accepts cryptocurrencies for payments, it confirms that they will not replace cash.
Communication Team / Equipo de Comunicación

Japan is one of the pioneers when it comes to bitcoin and digital payments. Indeed, after having announced its acceptance of Bitcoin as a legal payment method in April and of another 11 cryptocurrencies in September, many thought Japan was going to encourage their usage even further.

On the contrary, reassured Bank of Japan’s (BoJ) Director of the Payments and Transactions department Hiromi Yamaoka. During a recent finance forum, Yamaoka clearly stated that digital currencies will by no means replace cash, and that they are far from substituting government-issued currencies.

The president of the BoJ confirmed that the central bank has no plans to issue currency through the blockchain but that what is probable for the future is the creation of a hybrid banking system that is partly centralised and decentralised.