Bank of Japan governor slams Bitcoin, questions its usage in settlements

Bank of Japan governor slams Bitcoin, questions its usage in settlements
фото показано с : cryptoslate.com

2021-5-28 10:42

Bank of Japan governor Haruhiko Kuroda questioned Bitcoin’s use case during an interview yesterday, business news outlet Bloomberg reported.

The bank is currently testing a ‘digital yen,’ the digital version of its fiat currency, but remains shaky on the topic of cryptocurrencies.

“Most of the trading is speculative and volatility is extraordinarily high,” Kuroda said, questioning the use of Bitcoin as a means of investment compared to traditional financial assets. “It’s barely used as a means of settlement,” he added.

The comments are similar to those echoed by Federal Reserve Chair Jerome Powell from earlier this year when he said the crypto market is largely a vehicle for speculation.

The Bank of Japan in Tokyo. (Source: WSJ) Stablecoins but no Bitcoin

The Bank of Japan has largely allowed public usage of cryptocurrencies and has generally been favorable towards crypto businesses like exchange services and wallets. 

Over $1 billion was traded on local exchanges yesterday alone, as per data from CoinGecko, with Bitcoin, Ethereum, and MonaCoin considered crowd favorites.

But the bank has largely shifted its focus on stablecoins—digital currencies pegged on a 1:1 basis with fiat currency, such as the US dollar—in the past year. Reports suggest the digital yen is already undergoing limited testing in a sandbox environment, accentuated by the ongoing coronavirus panic and the need to move away from paper money (which relies on contact).

Kuroda, in this regard, said stablecoins have assets to back up their value compared to cryptocurrencies like Bitcoin. “Stable coins must also meet legal standards and healthy governance codes, so they could become a convenient way of payment in the future,” he added.

Meanwhile, while Kuroda says there’s no one settling on Bitcoin, the data speaks otherwise. On-chain data from tracking tool YCharts shows Bitcoin had over 214,000 individual transactions yesterday, nearly half that of this year’s peak of 398,000 in January 2021. 

However, it’s still less than those of Ethereum, the world’s most-used blockchain, on the other hand. The protocol settled over 1.2 million transactions on-chain yesterday.

The post Bank of Japan governor slams Bitcoin, questions its usage in settlements appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68948.3 (+0.34%)
Объем 24H $38.291b
Изменеия 24h: 2.75 %, 7d: 3.69 %
Cегодня L: $66806.42 - H: $69113.94
Капитализация $1358.482b Rank 1
Цена в час новости $ 36862.24 (87.04%)

bitcoin bank governor japan usage settlements slams

Источник: cryptoslate.com

bitcoin bank → Результатов: 126


Фото:

Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank

Iran has reportedly revised the country’s cryptocurrency regulation to require licensed bitcoin miners to sell their coins directly to the central bank for use to fund imports. Iran’s Revised Crypto Law The Iranian government has amended its cryptocurrency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country, […] The post Iran’s New Crypto Law Requires Miners to Sell Bitcoin Directly to Central Bank appeared first on Bitcoin News.

2020-10-30 16:55


Аналитики Deutsche Bank высказали мнение о Bitcoin. Специалисты банка заглянули в будущее

Один из известных в мире инвестиционного банкинга брендов, Deutsche Bank, представил аналитический доклад, который посвящен тому, какое место криптовалюты, в частности, Bitcoin могут занять в будущем.

2020-2-3 09:15


Фото:

Russian Central Bank Comes out Against Bitcoin, Would Support a Ban

On November 29th, the Central Bank of Russia came out against Bitcoin, claiming that their local ruble should be the nation’s only legal tender. While nothing has been set in stone as of yet, the Central Bank is open to banning the ability to buy goods and services with Bitcoin due to the risky nature […] The post Russian Central Bank Comes out Against Bitcoin, Would Support a Ban appeared first on BeInCrypto.

2019-12-2 12:26


Bank of Canada Survey: Canadians’ Bitcoin Ownership Rising Upwards, Notably Among Females & Older People

The central bank of Canada has revealed the findings of its Bitcoin Omnibus Survey that monitors the trends in the awareness, ownership, and use of Bitcoin and other crypto-assets among Canadians. The main interest of the Bank of Canada in this survey is in monitoring Bitcoin adoption “to understand how its usage by Canadians could […]

2019-11-7 19:56


Why We Should Never Hope For A Central Bank Of Bitcoin

Bitcoin economist, Tuur Demeester, explains why the idea of a ‘Central Bank’ of Bitcoin would create more problems than it would solve.   Bitcoin Exchanges Similar To Early US Banking System In the wake of the Binance hack and Bitfinex/Tether debacle, are crypto exchanges becoming ‘too big to bail’? And if so, should we be looking towards a ‘Central Bank Of Bitcoin’ as a solution? Bitcoin economist, Tuur Demeester, explains why he thinks that would Read More The post Why We Should Never Hope For A Central Bank Of Bitcoin appeared first on Bitcoinist.com.

2019-5-15 10:00


It’s stupid to buy Bitcoin from tobacco stores, says French regulator

The central bank of France and its local financial markets regulator,ncies are often unregulated and, generally, not well-suited for uninformed investors. “[In light of recent announcements to offer cryptocurrency coupons in tobacco stores,] the AMF, the Bank of France, and the French Prudential Supervision and Resolution Authority warn that the acts of purchasing, selling, and investing in Bitcoin are currently… This story continues at The Next WebOr just read more coverage about: Bitcoin

2018-11-26 17:07


Фото:

Bank Of America Show That Bitcoin Transfers Are 6000 x Cheaper Than Their Own

The Bank of America have released data that shows how Bitcoin transfers equate to around 6000 times cheaper than the traditional transfer of FIAT currencies at the banks own standard rates. Many do argue that Bitcoin transactions carry a ridiculous expense, however with these findings in mind, Bitcoin is still proving to be a far superior alternative to FIAT currencies.

2018-9-21 20:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bollinger Bands Inventor Foresees Bitcoin Pullback: Key Levels To Watch

Renowned financial analyst John Bollinger has recently issued a caution regarding the potential for a Bitcoin pullback. After BTC price surged from below $66,000 to almost $72,000 at the beginning of the week, Bollinger, the creator of the widely utilized Bollinger Bands indicator, pointed to specific features in the Bitcoin price chart that suggest a consolidation or pullback could be imminent, though he clarified that his perspective was not bearish on a longer term.

Perennial Bitcoin Accumulators Bought Big Ahead Of Rally, Data Shows

On-chain data shows that Bitcoin addresses with zero sales histories participated in a big accumulation before this recovery run started. Bitcoin Inflows To Accumulation Addresses Sharply Spiked Recently As explained by an analyst in a CryptoQuant Quicktake post, the accumulation addresses on the Bitcoin network have shown some significant inflow activity recently.

Bitcoin “Profit-Taking Has Completed,” Top Analyst Reveals

An analyst has explained how profit-taking looks to have finished for Bitcoin in what has been a “very healthy reset” for the market. Bitcoin SOPR Suggests Profit-Taking From Investors Has Cooled Off In a new post on X, analyst Willy Woo has discussed about the latest trend occurring in the Bitcoin Spent Output Profit Ratio (SOPR).

4 Key Reasons Why The Bitcoin Bull Run Is Far From Over

In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future.

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]