Japan’s Monex says a BOJ digital currency will boost cryptocurrency trading

Reuters reporting on comments from the head of Japan’s Monex Group

(Monex has a large online brokerage presence in Japan via a subsidiary.  It is also an owner of Coincheck, a bitcoin exchange operator based in Tokyo.)
  • Central bank digital currencies will help boost trading of cryptocurrencies
  • by providing a more convenient platform for converting cryptocurrencies into legal tenders
“CBDCs will significantly enhance the interoperability of cryptocurrencies”
  • “It would make the cryptocurrency market more lively.”
  • If CBDCs are issued, they would offer a digital-friendly platform where CBDCs, cryptocurrencies and legal tenders could be converted to one another more smoothly
The background to this is the BOJ and other central banks moving to issue central bank digital currency (CBDC),
The BOJ has said as recently as October it would begin experimenting next year on how to operate its own digital currency, joining efforts by other central banks to catch up to rapid private sector innovation.