bctd.news
Hiromi Yamaoka, former head of financial settlements at the Central Bank of Japan, advised the public not to use the digital yen in any way. The most surprising thing in this situation is that Yamaoka while working at the Central Bank, was directly involved in the development of the state cryptocurrency. Now, based on the publications of local media, the man has a negative attitude towards this innovation.
According to a recently published report, according to the Japan Times, the ex-employee of the Central Bank is most alarmed by the possible use of the digital yen in monetary transactions. So, the man in his report focused on the high-interest rates on loans that can be obtained in the state cryptocurrency. According to Yamaoka, active lending in this asset will reduce the cost of fiat currency to the minimum.
Thus, the ex-developer of the state cryptocurrency believes, the massive introduction and use of the digital yen will lead to irreversible consequences for the financial stability of Japan.
In this context, it is worth noting that despite the negative attitude towards the digital yen, Yamoaki treats other cryptocurrencies well. So, it is known that at the moment a man heads the forum, which is an alliance of 74 private financial companies and commercial banks. The main task of this huge team is the release of their digital asset, the development of which should be completed in April this year.
The digital yen is still in the testing phase. According to reports, the completion of the second phase of testing is scheduled for the end of 2022. Therefore, it is not yet known whether the asset will be put into mass circulation at all.