Share this article
Digital Yen Would Make Crypto Markets 'More Lively,' Says CEO of Monex Group
Oki Matsumoto said a central bank digital currency would make it easier to convert cryptocurrency into legal tender.
Updated Sep 14, 2021, 10:34 a.m. Published Nov 25, 2020, 10:02 a.m.
Make us preferred on Google
The chief executive of Monex Group, a financial services firm based in Tokyo, believes central bank digital currencies (CBDC) would be a boon for the cryptocurrency market.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
As reported by Reuters on Wednesday, Oki Matsumoto said the introduction of a digital version of the yen by the Bank of Japan (BOJ) would "significantly enhance the interoperability of cryptocurrencies" by smoothing the process of exchanging them into legal tender.
Further, smaller brokers don't always have bank accounts, he said.
See also: Leading Japanese Financial Firm SBI Holdings Rolls Out Crypto Lending Services
Matsumoto's company manages a host of retail online brokerages in Japan and overseas and is also the owner of Tokyo-based cryptocurrency exchange Coincheck.
The BOJ has been exploring the implications of CBDCs since creating a task force in July and naming its most senior economist, Kazushige Kamiyama, to lead the department in charge of digital currency research and development. A proof-of-concept trial is likely to take place in 2021, the central bank said recently.
A digital yen "would make the cryptocurrency market more lively,” Matsumoto told Reuters.
More For You
‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
Top Stories
