Cryptocurrencies are getting more and more popular around the globe. Lots of countries agree that digital money is an inevitable future, and some of them even started to work on their CBDCs’ already. One of them is China, which announced its tests on digital money.
Japan, on the other hand, stated a few months ago that it wasn’t planning to launch its digital currencies any time soon. But after China began an active campaign about CBDCs’, Japan’s government decided not to lag behind anymore.
Recently, Japanese authorities made several statements regarding digital assets.
Masayoshi Amamiya, Bank of Japan’s deputy governor, noted should the need arise soon, the central bank must be ready to issue a digital currency.
There is a chance the public demand for central bank digital currencies could soar in Japan in the near future. And the government wants to be ready if that happens.
Norihiro Nakayama, the Japanese Parliamentary Vice-Minister for Foreign Affairs, also spoke about digital money and China’s progress in this field.
Japan would like to propose measures to counter China’s attempts as it is moving toward issuing digital yuan, said Nakayama.
Bitcoin reached $9,570 on Thursday evening, surpassing the analysts’ expectations. While the cryptocurrencies market wasn’t overly volatile, Litecoin, Ethereum, and EOS also increased significantly.
According to the Deutsche Bank, Bitcoin is too volatile now to become a store of value. The bank made such a conclusion due to the volatility of the asset over recent cycles.
It believes Bitcoin still represents a tiny portion of global payments. And it seems the cryptocurrency isn’t on a trajectory to capture more shares soon.
However, some analysts think Bitcoin can become another safe-haven asset, staking their argument on the fact that Bitcoin grew due to the geopolitical uncertainty.
Primarily, such a claim is because of Bitcoin’s growth conceding with the rise of gold prices. But others argue that it’s too early to classify Bitcoin as a safe-haven asset. Even so, analysts expect that it will continue to rise for some time.
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