On Friday, Reuters co-hosted a Newsmaker event with Refinitiv featuring the Bank of Japan’s Deputy Governor Masayoshi Amamiya.
Amamiya joined Reuters and Refinitiv for a discussion on the role of the central bank in the 21st-century digital age. Reuters Japan Bureau Chief William Mallard moderated the discussion, which took place at Keidanren Hall in Tokyo.
Among the highlights:
–Amamiya said digital platform operators such as Facebook, planning to launch a new global cryptocurrency called Libra, must comply with regulations on money laundering and risk management
–“If central bank digital currencies replace private deposits, that could erode commercial banks’ credit channels and have a negative impact on the economy,” Amamiya said.
–“To overcome the nominal zero lower bound, central banks would need to eliminate cash. Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this,” he said.
[Reuters PR Blog Post]
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