The Bank of Japan Advocated The Development of Unified Rules for The Regulation of Cryptocurrencies

The head of the payment systems department of the Bank of Japan, Kazushige Kamiyama, called on the countries of the G7 to adopt common rules for regulating cryptocurrencies as soon as possible. Kamiyama is sure that the G7 countries should coordinate their actions to control the crypto industry, since the existing legislation does not fully take into account the potential of digital assets.

Kazushige Kamiyama spoke out in support of stablecoins, noting that with their help it is possible to create an individual global settlement system. It will serve as a good alternative to traditional systems based on fiat currencies – dollars, euros and yens.

In turn, the head of the Bank of Japan Haruhiko Kuroda denied rumors about the imminent launch of CBDC. On March 29, during the financial and technological summit, he said that in the near future the authorities of the country are not going to issue the digital currency of the Central Bank. According to him, the decision on the issue of CBDC, most likely, will be made only in 2026.

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