Former Bank of Japan official warns against using digital yen
Hiromi Yamaoka, who previously headed the CBDC research, is concerned about the negative interest rates
01.02.2022 - 11:05
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What’s new? Hiromi Yamaoka, who previously headed the Bank of Japan’s digital yen research, now opposes CBDC. He is concerned about the negative interest rates of the currency, which will appear in 2026. Yamaoka warned that the digital yen may pose a risk to the financial stability and have disastrous consequences for the economy, the Japan Times reports.
What is Yamaoka doing now? The former Bank of Japan employee now is working in the private sector, leading a forum of 74 firms that includes some of the country’s largest banks. Together they are working on the creation of a yen-based stablecoin. According to Yamaoka’s statement, it will be available to residents of the country as early as April this year.
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