Japan is weighing in on digital currency regulations, and relevant government officials are reportedly making efforts to enforce stricter rules.
As Reuters reported on Friday, Japanese officials expressed new concerns about the massive growth of the cryptocurrency market and issued a stern warning against cryptocurrencies.
Three Japanese officials reported that Tokyo is willing to engage with global financial regulators to develop stricter rules for private digital currencies.
Japan can no longer let things run its course with the global developments regarding digital currencies moving so fast.
What kind of work does Japan do?
The Japanese Ministry of Finance is allegedly considering raising staff to maintain worldwide scrutiny of the crypto industry.
The country’s Financial Services Agency (FSA) is known to have already set up a new unit to oversee digital currency regulation.
Officials reported that the new FSA unit, launched on July 8, aims to monitor the broader crypto markets and focus mainly on the decentralized financial format.
Jerome Powell, Chairman of the United States Federal Reserve, said on Wednesday that the CBDC will reduce the need for private options such as Bitcoin (BTC) and other digital currencies.
Another statement was made by Fan Yifei, vice president of the People’s Bank of China.
In his statements, he stated that the rapid development of private payment systems (trading and trading with cryptocurrencies) is “very worrying” and said that cryptocurrencies pose a serious threat to the global financial and settlement systems.