The Japanese government intends to put stablecoins under strict regulation as some authorities consider them a threat to the country’s financial stability. At the same time, the Bank of Japan aims to issue a digital yen that it sees as a safer alternative to private virtual currencies.
Japan’s Next Crypto Move
According to Reuters, three Japanese officials revealed that the country is looking to increase its efforts to regulate digital assets. Per the report, some local watchdogs believe that stablecoins – a form of cryptocurrency pegged to a fiat currency – could harm Japan’s financial ecosystem. One of the officials stated:
“Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly.”
It is worth noting that last week Japan’s Financial Services Agency (FSA) created a division to supervise the regulation of digital currencies. Additionally, the Ministry of Finance contemplated increasing the personnel needed.
The poss
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