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Bank of Japan Governor Says Cryptocurrencies Are No Match For Legal Tenders

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Kuroda Haruhiko Bank of Japan governor on Tuesday said that cryptocurrencies pose no threat to legal tenders like the yen, as cryptocurrencies are mostly used for speculative trading.

Kuroda also said the BOJ was closely watching developments in cryptocurrrency trading to ensure they do not erode public trust over the safety of existing settlement systems overseen by the central bank.

Cryptocurrencies aren’t legal tenders and dont have assets to back up their value…some people say they should be described as crypto-assets not cryptocurrencies.

Kuroda’s comments came in the wake of recent calls from global policymakers for a coordinated approach to regulating cyptocurrencies like bitcoin, which has drawn attention due to its highly volatile moves and increasing trading volume.

Two weeks ago Kuroda said that companies offering cryptocurrency must have ample security steps in place and he also told parliament that the Bank of Japan had no plan to issue digital currencies.

Read Also: Clash of The Koreans: North Korea Steals Cryptocurrrency….

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