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The chief executive officer of Monex Group, a Tokyo-based financial services firm, believes central bank digital currencies (CBDCs) would be a boon to the cryptocurrency market.
As reported by Reuters on Wednesday, Oki Matsumoto said the introduction of a digital version of the yen by the Bank of Japan (BoJ) “would significantly improve the interoperability of cryptocurrencies,” facilitating the process of exchanging them in legal tender.
Plus, smaller brokers don’t always have bank accounts, he said.
Matsumoto’s firm operates a number of online retail brokers in Japan and overseas and also owns the Tokyo-based cryptocurrency exchange Coincheck.
The BoJ explored the implications of CBDCs setting up a task force in July and moving its most senior economist, Kazushige Kamiyama, to lead the department responsible for digital currency research and development. A proof of concept is likely to take place in 2021, the central bank said recently.
“[A digital yen] it would make the cryptocurrency market more vibrant, “Matsumoto told Reuters.
