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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.
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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.
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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.
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Trump-linked Truth Social seeks SEC approval for two crypto ETFs
The filings include a bitcoin and ether ETF and a staking-focused Cronos fund, deepening the Truth Social brand’s ambitions in digital asset investing.
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- Yorkville America Equities, the firm behind Truth Social–branded ETFs, has filed with the SEC to launch a Truth Social Bitcoin and Ether ETF and a Truth Social Cronos Yield Maximizer ETF.
- The proposed Cronos-focused ETF would invest in and stake Cronos (CRO) tokens, aiming to generate yield through staking rewards in addition to price exposure.
- If approved, the funds would be launched in partnership with Crypto.com, which would provide custody, liquidity and staking services, and be distributed through its affiliate Foris Capital US LLC.
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