Japan’s New FSA Chief Stands Firm on Crypto Regulation, Calls for Push on Digital Yen

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Mt. Fuji from Tokyo (Sakarin Sawasdinaka/Shutterstock)

The incoming chief of Japan’s Financial Services Agency (FSA) has expressed reluctance to soften rules governing cryptocurrencies.

  • 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

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