February 27, 2020 / 5:25 AM / a month ago

BOJ's Amamiya says must look at pros, cons of issuing digital currencies

TOKYO, Feb 27 (Reuters) - Central banks must get a better understanding of the pros and cons of issuing their own digital currencies, and look at ways to mitigate any associated risks, Bank of Japan Deputy Governor Masayoshi Amamiya said on Thursday.

Central banks could stifle private-sector financial innovation and draw money away from deposits at commercial banks if they succeed in issuing low-cost digital currencies, he said.

“When countries consider issuing central bank digital currencies, they must conduct a comprehensive study on how it affects their settlement and financial systems,” Amamiya said in a speech in Tokyo on Japan’s settlement system.

Reporting by Leika Kihara; Editing by Tom Hogue

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