The Bank of Japan said the widespread use of other digital currency bitcoin or will lead to tax issues

The Bank of Japan said the widespread use of other digital currency bitcoin or will lead to tax issues

Senior officials at the Bank of Japan said that the use of digital currency and distributed ledger may affect regulation and monetary policy.

During the Japanese University of Tokyo held financial technology activities, deputy governor of the Bank of Japan HiroshiNakasore talked about financial services increasingly digital benefits and risks. In particular, pay attention to the use of distributed ledger may lead to confusion in the regulators remain completely under the condition of electronic ledger.

He told the audience:

In addition, if the financial technology through the Internet and intelligent mobile phone and distributed ledger business applications to stimulate economic transactions, then identify the transaction and the physical location to preserve relevant ledger may become increasingly difficult. This may lead to a variety of issues, including regulatory and tax related issues.”

Previously, Nakaso had to block chain technology commented in August, he speculated that the technology may be some function will reshape the financial field.

During this week in Tokyo, Nakaso suggested that if consumers are widely used in digital currency, then may affect how the central bank monetary policy implementation.

Nakaso said: “in fact, if such bitcoin virtual currency is widely used for direct purchase of goods and services, will certainly have an impact on monetary policy. However, the various international forums that virtual currency can not overwhelm the sovereign currency.”

Nakaso at the end of the speech, called for more cooperation between the technical field of financial stakeholders.

In order to overcome these problems, we need to cooperate with the wider entities, especially private enterprises and academic circles, “he concluded.

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