Fintechs Not a Threat to Central Bankers

Note from the CEO:  Central banks have “discovered” digital currencies are studying their importance. Cool. A BOJ official says that those cryptocurrencies won’t threaten centrals banks……….for now. Good view, good read BUT the central banks track records (especially the BOJ) lend themselves to “credibility issues”. What could go wrong? Buy bitcoins.

“Digital currencies won’t topple hard money printed by central banks any time soon, particularly in countries such as Japan with a solid, established financial infrastructure, a senior Bank of Japan official said on Tuesday.

But the need for central banks to maintain public trust in their policies has increased as the evolution of financial technology – or “fintech” – gives the public an alternative to using cash, Hiromi Yamaoka, head of the BOJ’s payment and settlement systems department, told Reuters.

In April, the BOJ established a section in charge of fintech to offer guidance to banks seeking new business opportunities.”

Read Full Article at Reuters