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Japan's New FSA Chief Stands Firm on Crypto Regulation, Calls for Push on Digital Yen
The incoming commissioner of the Financial Services Agency has said the regulator will not soften rules on cryptos.
The incoming chief of Japan's Financial Services Agency (FSA) has expressed reluctance to soften rules governing cryptocurrencies.
STORY CONTINUES BELOW
- As Reuter's reported on Wednesday, Commissioner Ryozo Himino said the regulator was not considering taking "special steps" to promote cryptocurrency trading.
- Himino became the head of the FSA in July when he replaced the previous commissioner, Toshihide Endo.
- Deregulating crypto, he said, would not necessarily advance technical innovation but could increase "speculative" trading.
- Instead, Japan should focus on the viability of a central bank digital currency (CBDC) that the country's central bank, the Bank of Japan, is currently exploring.
- In undertaking a CBDC, Japan would need to think "really hard" about whether to issue a digital currency based on the "merits and demerits" in doing so, he said.
- The coronavirus pandemic, the commissioner said, might prompt the faster arrival of a cashless society.
See also: Japanese Financial Giant MUFG to Launch Digital Currency in 2020
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
