The new chief of Japan’s FSA [Financial Services Agency] has expressed reluctance to free some strict rules governing cryptocurrencies.
Himino is serving as the new head of the FSA from July when he replaced the earlier commissioner Toshihide Endo.
Deregulating cryptocurrencies, he added that he wouldn’t necessarily advance technical innovation, but could increase “speculative” trading.
Instead, Japan should specialise in the viability of a CBDC [Central Bank digital currency] to which the country’s central bank, the Bank of Japan, is presently exploring.
In undertaking a CBDC, Japan would wish to think “really hard” about whether to issue a digital currency supported the “merits and demerits” in doing so, he said.
The ongoing COVID-19, the commissioner said, might prompt the faster arrival of a cashless society.