Japan is one of those countries that is known for its laissez-faire approach to digital currencies and exchanges. It let the Bitcoin community thrive by allowing the cryptocurrency to be used as legal tender and giving licenses away to exchanges like candy.
However, Hiromi Yamaoka—Head of the Bank of Japan’s Payment and Settlement Systems Department—is not optimistic about the future of digital currencies. His comments come in the midst of a mass migration of exchanges from China into Japan and other Asian countries that are more accepting of them.
The exodus is happening because of fears that China will tighten restrictions against cryptocurrency trading in the near future. Japan may have also contributed to the bull run that Bitcoin experienced when massive amounts of purchases in the country last month pushed the cryptocurrency’s price above $5000.
If the exodus from China happens on a large scale and targets Japan, it will likely have a strong effect on the island’s Bitcoin trading volume. In the meantime, we cannot expect Japanese banks to by a product that ultimately competes with their markets, no matter how friendly Japan as a nation is to the whole phenomenon.
https://cryptovest.com/news/bank-of-japan-official-says-cryptocurrencies-would-change-the-banking-system-too-drastically/
