TOKYO - Central banks must get a better understanding of the benefits and risks of issuing their own digital currencies, and look at ways to mitigate any associated perils, Bank of Japan Deputy Governor Masayoshi Amamiya said on Thursday.
All the same, such a practice could also stifle private-sector financial innovation and draw money away from deposits at commercial banks if they succeed in issuing low-cost digital currencies, he said. Japan and many other advanced economies do not face such problems that require them to immediately issue CBDCs, he said.
Digital currency is a world that most people do not understand, but at the same time is a very powerful market. That combination is basically a breeding ground for fraud. Digital currency has a future, but I think it will have quite a few challenges along the way.
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