"It will be hard to impose regulations on decentralized asset" says BoJ officials

Regulating the cryptocurrency market has become a top priority for the authorities in many countries. But, following the example of the Dutch Central Bank, a Japanese official admitted that imposing regulations on an economy which resides in decentralized technology will not be an easy task.

According to Hiromi Yamaoka, a senior official in the Bank of Japan, regulating Bitcoin and other cryptocurrency trading globally will be very tough. Unlike China and South Korea, Japan’s priority is innovation, and so, before imposing any strict rules, they will always consider its implications in this regard.

“There’s undoubtedly growing interest among global policymakers on how to deal with cryptocurrencies,” said Yamaoka.Japan’s approach would be to think about how to curb excesses without discouraging innovation.” he added.

Cryptocurrencies have made quite an impact on the Asian markets. Before the governmental crackdown, China was handling the largest number of Bitcoin transactions, but after the ban, neighboring Japan became the world leader in this area.

But Mr. Yamaoka, who is the head of the Japanese central bank’s division on payment and settlement systems, believes that in spite of the huge gains, the volatile crypto market is not exactly a bubble, as there is no underlying asset to measure the real value of the coins.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: Global Curb on Cryptocurrency is Hard to Impose, Says Bank of Japan Official

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