Bank of Japan: digital currency will not replace fiat money anytime soon

The high-ranking member from the Japanese central bank has stated that the coming of digital currency era is too far off. His name is Hiromi Yamaoka and he heads the BOJ’s payment and settlement systems department. The statement was made on the sidelines of the recent economic forum. According to Mr. Yamaoka, the cryptocurrency sphere is still under construction and digital coins, if we suddenly just replace the fiat currencies with them, would change the banking system too drastically.

His comments look very similar to the recent statements of the leader of Singapore Monetary Authority (this is how the country’s central bank is called). Ravi Menon, as we should remind, also believes that any talks about cryptocurrency completely replacing fiat money are premature and the price of Bitcoin is unpredictable. But this skepticism of Mr. Yamaoka and Mr. Menon does not make them to rush into forbidding cryptocurrencies immediately, so one can say they both are not in the captivity of the binary way of thinking.