Monex CEO Says A Digital Yen Will Make Crypto Market ‘More Lively’

Monex CEO says a digital yen will make crypto market “more lively”. Earlier this fall, the Bank of Japan announced plans to start testing a CBDC proof-of-concept in 2021. Further specifics of the institution’s approach to growth and cooperation have since emerged, suggesting that the private sector is positioned to play a leading role, at least in the testing process.

Earlier today, Reuters announced that the CEO of Japanese financial services giant Monex Inc. welcomed the central bank’s more constructive stance toward the central bank digital currencies or CBDCs.

Monex CEO, Oki Matsumoto argued that any move to introduce a CBDC would be positive for the digitalization of the Japanese economy, making it more efficient. Moreover, Matsumoto saw an advantage for the non-bank digital currency sector as well “CBDCs will significantly enhance the interoperability of cryptocurrencies. It would make the cryptocurrency market more lively.”

For Matsumoto, the fact that many smaller crypto brokers do not have bank accounts is a restriction and a hindrance to traders trying to turn their crypto assets into fiat money. With the CBDC in Japan, he argued, there would be a potential to support a smoother conversion between crypto and legal tenders within a “digital-friendly” platform.

[image: Alex Knight]

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