{"id":43386,"date":"2021-05-28T18:13:25","date_gmt":"2021-05-28T15:13:25","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43386"},"modified":"2025-08-31T03:24:43","modified_gmt":"2025-08-31T00:24:43","slug":"bank-of-japan-governor-criticises-bitcoin-and-backs-stablecoins","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bank-of-japan-governor-criticises-bitcoin-and-backs-stablecoins\/","title":{"rendered":"Bank of Japan governor criticises Bitcoin and backs stablecoins"},"content":{"rendered":"<p>Trading Bitcoin is speculative in nature, and the asset is rarely used as a means of settlement. This was stated by Bank of Japan Governor Haruhiko Kuroda in an interview with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-28\/kuroda-joins-chorus-of-central-bankers-casting-doubt-on-bitcoin\">Bloomberg<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cMost trading is speculative, and volatility is extremely high. Bitcoin is hardly used as a means of settlement,\u201d said Kuroda.<\/p>\n<\/blockquote>\n<p>The official stressed that cryptocurrencies should not be confused with stablecoins, whose value is backed by reserve assets. In his words, \u201cstablecoins\u201d must meet stringent regulatory standards to become a convenient payment instrument in the future.<\/p>\n<p>Kuroda joined central bank chiefs who have criticised digital gold.<\/p>\n<p>Earlier, the Governor of the National Bank of Denmark Lars Rohde, in an interview with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-27\/cryptocurrencies-can-be-ignored-as-speculative-fad-rohde-says\">Bloomberg<\/a>, described cryptocurrencies as a \u201cspeculative whim\u201d that can be ignored. He said they do not pose a danger to monetary regulators \u2014 the real threat comes from big tech firms.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf tech giants master the means of conducting transactions, this could pose a real threat to the autonomy and independence of central banks,\u201d Rohde said.<\/p>\n<\/blockquote>\n<p>In May 2021, the Governor of the Bank of England, Andrew Bailey, stated that <a href=\"https:\/\/forklog.com\/en\/news\/bank-of-england-governor-warns-of-risk-of-losing-funds-when-buying-bitcoin\">cryptocurrencies have no intrinsic value<\/a>, therefore investments in them carry substantial risk.<\/p>\n<p>In the same month, Christine Lagarde, head of the European Central Bank, warned that some digital assets <a href=\"https:\/\/forklog.com\/en\/news\/ecb-chief-warns-of-money-laundering-risks-from-cryptocurrencies\">\u00abare predisposed\u00bb to the risk of money laundering<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin trading is speculative in nature, and the asset is rarely used as a means of settlement. This was stated by Bank of Japan Governor Haruhiko Kuroda.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2153,18,807],"class_list":["post-43386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-japan","tag-bitcoin","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=43386"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43386\/revisions"}],"predecessor-version":[{"id":43387,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/43386\/revisions\/43387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=43386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=43386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=43386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}