Banks of Japan will conduct research on payments using electronic money
The main banks of the country will begin to study and develop a national base for settlements in cryptocurrency.
The research will be carried out by leading Japanese banks, as well as some non-financial organizations. Hiromi Yamaoka, a former Bank of Japan payment and settlement manager, led the research. The following Japanese organizations will support the studies: the Ministry of Internal Affairs and Communications, the Financial Services Agency (FCA), the Ministry of Finance, etc.
From the comments of Hiromi Yamaoka, it is clear that the main objective of the study will be to identify ways to use cryptocurrencies in Japan and to formulate a single decision on how to perform operations using them. At the same time, the conditions of Japan’s financial regulators must be observed and the procedure itself should be checked by the country’s central bank.
Decurret executives noted that many companies and banking organizations have calculated the capabilities and effectiveness of digital currency, and companies’ interest in Distributed Ledger Technology is regularly increasing. But at the same time, the task is to ensure the security of databases, their confidentiality, the prevention of crimes with the participation of electronic currency and to be protected from technological risks. These are the main objectives of the study.
Between June and September 2020, a group of researchers will organize symposiums twice a month to consider suitable methods for introducing electronic currency into the country’s payment infrastructure. Also, the current methods of using digital currency will be sorted out not only in Japan, but also in other countries of the world, as well as the feasibility of the blockchain for settlements. After this time, the researchers will provide a report on the data collected.
As you know, not so long ago, the Japanese Minister of Finance Taro Aso proposed lowering income taxes on the use of electronic currency and likening taxes on the sale of shares.