Bank of Japan governor slams Bitcoin, questions its usage in settlements

Bank of Japan governor slams Bitcoin, questions its usage in settlements
фото показано с : cryptoslate.com

2021-5-28 10:42

Bank of Japan governor Haruhiko Kuroda questioned Bitcoin’s use case during an interview yesterday, business news outlet Bloomberg reported.

The bank is currently testing a ‘digital yen,’ the digital version of its fiat currency, but remains shaky on the topic of cryptocurrencies.

“Most of the trading is speculative and volatility is extraordinarily high,” Kuroda said, questioning the use of Bitcoin as a means of investment compared to traditional financial assets. “It’s barely used as a means of settlement,” he added.

The comments are similar to those echoed by Federal Reserve Chair Jerome Powell from earlier this year when he said the crypto market is largely a vehicle for speculation.

The Bank of Japan in Tokyo. (Source: WSJ) Stablecoins but no Bitcoin

The Bank of Japan has largely allowed public usage of cryptocurrencies and has generally been favorable towards crypto businesses like exchange services and wallets. 

Over $1 billion was traded on local exchanges yesterday alone, as per data from CoinGecko, with Bitcoin, Ethereum, and MonaCoin considered crowd favorites.

But the bank has largely shifted its focus on stablecoins—digital currencies pegged on a 1:1 basis with fiat currency, such as the US dollar—in the past year. Reports suggest the digital yen is already undergoing limited testing in a sandbox environment, accentuated by the ongoing coronavirus panic and the need to move away from paper money (which relies on contact).

Kuroda, in this regard, said stablecoins have assets to back up their value compared to cryptocurrencies like Bitcoin. “Stable coins must also meet legal standards and healthy governance codes, so they could become a convenient way of payment in the future,” he added.

Meanwhile, while Kuroda says there’s no one settling on Bitcoin, the data speaks otherwise. On-chain data from tracking tool YCharts shows Bitcoin had over 214,000 individual transactions yesterday, nearly half that of this year’s peak of 398,000 in January 2021. 

However, it’s still less than those of Ethereum, the world’s most-used blockchain, on the other hand. The protocol settled over 1.2 million transactions on-chain yesterday.

The post Bank of Japan governor slams Bitcoin, questions its usage in settlements appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97549.5 (+0.22%)
Объем 24H $97.053b
Изменеия 24h: 3.28 %, 7d: 7.57 %
Cегодня L: $94006.77 - H: $98156.69
Капитализация $1930.058b Rank 1
Цена в час новости $ 36862.24 (164.63%)

bitcoin bank governor japan usage settlements slams

Источник: cryptoslate.com

bitcoin bank → Результатов: 126


Фото:

Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank

Iran has reportedly revised the country’s cryptocurrency regulation to require licensed bitcoin miners to sell their coins directly to the central bank for use to fund imports. Iran’s Revised Crypto Law The Iranian government has amended its cryptocurrency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country, […] The post Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank appeared first on Bitcoin News.

2020-10-30 16:55


Аналитики Deutsche Bank высказали мнение о Bitcoin. Специалисты банка заглянули в будущее

Один из известных в мире инвестиционного банкинга брендов, Deutsche Bank, представил аналитический доклад, который посвящен тому, какое место криптовалюты, в частности, Bitcoin могут занять в будущем.

2020-2-3 09:15


Фото:

Russian Central Bank Comes out Against Bitcoin, Would Support a Ban

On November 29th, the Central Bank of Russia came out against Bitcoin, claiming that their local ruble should be the nation’s only legal tender. While nothing has been set in stone as of yet, the Central Bank is open to banning the ability to buy goods and services with Bitcoin due to the risky nature […] The post Russian Central Bank Comes out Against Bitcoin, Would Support a Ban appeared first on BeInCrypto.

2019-12-2 12:26


Bank of Canada Survey: Canadians’ Bitcoin Ownership Rising Upwards, Notably Among Females & Older People

The central bank of Canada has revealed the findings of its Bitcoin Omnibus Survey that monitors the trends in the awareness, ownership, and use of Bitcoin and other crypto-assets among Canadians. The main interest of the Bank of Canada in this survey is in monitoring Bitcoin adoption “to understand how its usage by Canadians could […]

2019-11-7 19:56


Why We Should Never Hope For A Central Bank Of Bitcoin

Bitcoin economist, Tuur Demeester, explains why the idea of a ‘Central Bank’ of Bitcoin would create more problems than it would solve.   Bitcoin Exchanges Similar To Early US Banking System In the wake of the Binance hack and Bitfinex/Tether debacle, are crypto exchanges becoming ‘too big to bail’? And if so, should we be looking towards a ‘Central Bank Of Bitcoin’ as a solution? Bitcoin economist, Tuur Demeester, explains why he thinks that would Read More The post Why We Should Never Hope For A Central Bank Of Bitcoin appeared first on Bitcoinist.com.

2019-5-15 10:00


It’s stupid to buy Bitcoin from tobacco stores, says French regulator

The central bank of France and its local financial markets regulator,ncies are often unregulated and, generally, not well-suited for uninformed investors. “[In light of recent announcements to offer cryptocurrency coupons in tobacco stores,] the AMF, the Bank of France, and the French Prudential Supervision and Resolution Authority warn that the acts of purchasing, selling, and investing in Bitcoin are currently… This story continues at The Next WebOr just read more coverage about: Bitcoin

2018-11-26 17:07


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival

Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.

Bitcoin Diamond Hands Still Unbroken: 30.7% Of Supply Dormant For 5+ Years

Data shows the Bitcoin diamond hands have continued to sit tight recently as almost a third of the supply hasn’t been moved in five years. Bitcoin Has A Notable Part Of Its Supply Dormant Since Over Five Years In a new post on X, the market intelligence platform IntoTheBlock has discussed about how the most […]

Bitcoin Open Interest Is Shooting Up: Will Shorts Be Rekt This Time?

Data shows the Bitcoin Open Interest on exchanges has been heading up while the Funding Rate has turned negative recently. Bitcoin Open Interest Trend Suggests Speculators Are Back As pointed out by CryptoQuant community manager Maartunn in a new post on X, things appear to be heating up on the derivatives side of the market.

Bitcoin Difficulty Jumps 3% As Hashrate Slowly Recovers

On-chain data shows the Bitcoin mining difficulty has seen an increase in the latest adjustment, a consequence of the hashrate’s recovery. Bitcoin Mining Difficulty Has Seen A Positive 3% Adjustment Recently The “mining difficulty” refers to a feature built into the Bitcoin blockchain that controls how hard the miners would find it to mine on […]

Bitcoin Investors Have Turned Greedy Again: What Could Be Next For BTC?

Data shows that Bitcoin investors have again assumed a sentiment of greed after BTC’s surge of $64,000. Here’s what this could mean. Bitcoin Fear & Greed Index Is Now Pointing At ‘Greed’ The “Fear & Greed Index” is an indicator created by Alternative that tells us about the sentiment currently present among the investors of […]

These Are The Biggest Bitcoin Support & Resistance Zones, Analyst Reveals

An analyst has revealed the Bitcoin price zones that could act as major support and resistance centers for the cryptocurrency. A Large Number Of Investors Bought Bitcoin Inside These Zones In a new post on X, CryptoQuant author IT Tech has discussed the Bitcoin price levels that could act as support and resistance for BTC.