Monex CEO: Digital Yen makes crypto market „more alive“

Oki Matsumoto, CEO of Japanese financial giant Monex, has welcomed the Bank of Japan’s recent interest in digital central bank currencies.

At the beginning of autumn, the Bank of Japan announced that it would test a proof of concept for a digital central bank currency in 2021. In the meantime, further details of the institution’s development plans and cooperation have been released. There are indications that the private sector will play a priority role, at least in the test phase.

This morning, Reuters reported that the CEO of Japanese financial services giant Monex Inc. welcomed the central bank’s more proactive stance towards digital central bank currencies (CBDCs).

CEO Oki Matsumoto argued that any step towards the introduction of a CBDC would be positive for the digitisation of the Japanese economy and would make it more efficient. In addition, Matsumoto believes that it would also be beneficial for the digital currency sector away from banks:

„CBDCs will significantly improve the interoperability of crypto-currencies. It would make the crypto-currency market more lively“.

For Matsumoto, the fact that many smaller crypto brokers like Bitcoin Sunrise do not have bank accounts is a limit and an obstacle for traders wishing to convert their crypto assets into Fiat money. According to him, a CBDC in Japan would allow a smoother conversion between crypto and legal offers within a „digital-friendly“ platform.

Monex Inc. took over the Japanese crypto exchange Coincheck in spring 2018, shortly after the platform was hacked. Over 500 million US dollars were stolen in the process.

Monex is still active in the field of digital assets and last year applied for membership in the Libra Association, the leading consortium for the planned global stablecoin of Facebook.