In the early autumn, the Bank of Japan announced its plans to begin testing a central bank digital currency proof-of-concept in 2021.
As reported by cointelegraph, earlier this morning, Reuters reported that the CEO of the Japanese financial services giant Monex Inc. is welcoming the central bank’s more proactive stance toward central bank digital currencies (CBDCs).
CEO Oki Matsumoto claimed that any move to introduce a CBDC would be positive for the digitalization of the Japanese economy, making it more effective. Furthermore, Matsumoto saw a benefit for the non-bank digital currency sector as well:
“CBDCs will significantly enhance the interoperability of cryptocurrencies. It would make the cryptocurrency market more lively.”
For Matsumoto, the fact that many smaller crypto exchange brokers do not have bank accounts presents a limit and hindrance to traders looking to convert their crypto assets into fiat money. With a CBDC in Japan, he claimed that there would be the potential to support smoother conversion between crypto and legal tenders within a “digital-friendly” platform.
Monex Inc. notably bought the Japanese crypto exchange Coincheck back in spring 2018, soon after the platform had been hacked. Over $500 million in stolen cryptocurrency was reported as lost.
Monex has remained active in the digital asset space, past year applying to join the Libra Association, the governance consortium for Facebook’s planned global stablecoin.