BOJ digital currency will help bolster cryptocurrency trading
January 21, 2021
Finance

Monex head says BOJ digital currency will help bolster cryptocurrency trading

TOKYO (JAPAN) – Oki Matsumoto, head of Japan’s Monex Group, said that Central bank digital currencies will help bolster trading of cryptocurrencies through a more convenient platform that they provide for converting cryptocurrencies into legal tenders.

Matsumoto, chief executive of the major financial services firm, was appreciative of the Bank of Japan’s plan to consider issuing a central bank digital currency (CBDC), saying it will take Japan forward to a more efficient, digitalised economy.

He told on Tuesday, “CBDCs will significantly enhance the interoperability of cryptocurrencies. It would make the cryptocurrency market more lively.”

Converting cryptocurrencies into legal tenders is not easy as many smaller cryptocurrency exchange brokers do not hold bank accounts, Matsumoto said.

If CBDCs are issued, they would provide a digital-friendly platform through which CBDCs, cryptocurrencies and legal tenders could be converted to one another more smoothly, he added.

Monex is an owner of Coincheck, a bitcoin exchange operator based in Tokyo.

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