Bank of Japan officials say they currently have no plans to issue a central bank digital currency (CBDC) due to financial stability concerns.

On Monday, Masayoshi Amamiya, deputy governor of the Bank of Japan, said in his closing speech at the meeting held by the International Monetary Fund (IMF) and the Financial Services Agency of Japan (Financial Services Agency) that whether it is directly on the blockchain or not, Issuing digital currency to consumers has the potential to disrupt the existing two-tier currency system.

Currently, the central bank can only reach a limited number of entities, such as private banks, who directly face consumers on the second layer. This two-tier system was praised by Masayoshi Miyai as "the achievement of the efficiency and stability of the monetary system in human history." great wisdom." Therefore, he believes that if the central bank issues digital currency, it will definitely change the status quo of the system, but at the same time, it cannot be proven that it can bring financial stability.

Masayoshi Miyai said:

"In this regard, the issuance of a universal central bank digital currency could be akin to allowing households and businesses to have accounts directly with the central bank, which could have dramatic implications for the two-tier monetary system described above and the financial intermediation nature of private banks."

However, Masayoshi Miyai did not completely rule out the possibility of considering the bank's own cryptocurrency in the future. He revealed that some private banks have already begun to study the underlying blockchain technology, although it is currently only used for commercial applications.