Cryptocoins not a threat, Bank of Japan Governor says
The Governor of the Bank of Japan, Haruhiko Kuroda, said in front of the parliament members last Tuesday that cryptocurrencies are not a threat to the Yen and won’t pose a danger to existing standard payments in the near future.
BOJ Governor Haruhiko Kuroda (pic: wikimedia commons)
“For the time being, the digital coins are generally used for speculative trading rather than making payments”, said the governor adding that the Bank of Japan keeps an eye on the cryptocurrency market to ensure they do not “erode public trust” on existing settlement systems the bank currently oversees.
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A survey conducted by John McAfee revealed that 58% of over 45,000 poll participants see cryptocurrencies more as an investment than a means of payment. However, this figure is expected to change once the virtualcoin market has matured and then increasingly more financial transactions will be done in Bitcoin, Ethereum and their alternatives.
So far, Japan is known to be one of the most crypto friendly nations in the world as cryptocurrencies have been regulated by the government and increasing number of shops and businesses in the country accept Bitcoin and other altcoins as a means of payment.