Haruhiko Kuroda, governor of Japan's financial institution, told the country's parliament that cryptocurrencies do not threaten the role of fiat currencies like the yen.
As reported by Reuters, Kuroda argued before the Budget Committee of the Tokyo Parliament that bitcoin lacks the quality of "legal tender". Fact that makes it an unreliable asset, which is why at the moment it does not represent any threat.
In addition, the governor argued that because they do not have "physical assets that support their value", the use of cryptocurrencies is focused on speculative trade and not on being a means of payment or liquidation, for which "some people say that they should be described as cryptoactives, not cryptocurrencies."
This is not the first opportunity in which a member of the Bank of Japan declares that cryptocurrencies do not represent risks for fiat money, because last November the director of the payments and transactions department, Hiromi Yamaoka, assured that digital assets they will not replace the physical money yet.
Yamaoka said that despite the growing disuse of cash in the world and the increasingly massive adoption of cryptocurrencies, it is too early to expect drastic changes in the banking system.
Both positions aligned with the position taken by Japan before the regulation of cryptocurrencies, as this has been one of the few countries to establish that although they consider it necessary to establish legislative frameworks to protect and require companies in the crypto ecosystem to adapt to standards, in a certain way, have not established a strict line for the regulation of the cryptocurrency trade.
However, the Ministry of Finance has undertaken studies to regulate the money exchange houses that make life in the country, especially after the robberies to Yuobit and Coincheck, which have left hundreds of people affected and has required the action of the Agency of Financial Services (FSA).
