#CryptoCorner; Japanese Official Addresses #Crypto Concerns, Russia’s Central Bank Considers #Blockchain and Market Dips Again
#CryptoCorner; Japanese
Official Addresses #Crypto Concerns, Russia’s Central Bank Considers #Blockchain
and Market Dips Again
Point Roberts, WA, Delta BC –April 4, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner –April 4, 2018
By Samuel Mowers at Investorideas.com
Japanese Official
Addresses Crypto Concerns, Russia’s Central Bank Considers Blockchain and
Market Dips Again
The Chief Planning Officer for Japan’s Financial
Public Relations Central Committee, Masashi Kuramoto, produced a Q&A addressing cryptocurrencies recently, in which he addressed many
concerns about the phenomenon.
Kuramoto denied that cryptocurrency could be
considered “money” in the way fiat currencies are, as they are not issued by a
central authority.
“...it is legally stipulated that the
"money" (yen) we use everyday is issued by the central bank of the
country, the Bank of Japan, and it can be used as a currency in Japan. In other
words, "money" we are using all the time is backed by the credit of
the country, so anyone can use it with confidence. On the other hand,
"virtual currency" does not support such a law. Also, in many cases,
there is no issuer such as a central bank or a corporation or a financial
institution, so that nobody has confidence in that trust, it can be said that
it is different from "money."
Many in the space may argue that it is precisely
the decentralized nature of crypto that makes it more trustworthy than fiat.
Kuramoto goes on in the piece, however, to encourage the use of crypto as an
actual currency, as opposed to merely speculating, and warns investors of
potential risks in the space.
According to TASS, Russia’s central bank is considering using its
Masterchain ethereum-based blockchain system to handle payments within the
Eurasian Economic Union (EAEU). Russian Central Bank First Deputy Chairman Olga
Skorobogatova said:
"We are currently discussing the possibility
of creating new technologies for transmitting messages and payments across the
EAEU as a supranational infrastructure. It would enable us to use blockchain’s
distributed ledger technologies within the EAEU’s space, settle payments and
transmit financial information sidestepping current payment systems.”
Bitcoin (BTC) seems unable to continue its steady
recovery from last week’s slump. Though trading at roughly $7400 USD yesterday,
the flagship cryptocurrency is down to about $6870 USD at press time. This is a
24-hour drop of around seven percent. All of the major cryptocurrencies have
registered a similar sized drop in the last day with the total market
cap sinking around $20 billion USD.
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