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Japan’s central bank criticizes bitcoin and other ‘cryptos’ and provokes a new crash

“Most of the trading is speculative and the volatility is extraordinarily high.” With these words, the governor of the Bank of Japan, Haruhiko Kuroda, has expressed himself after being asked about cryptocurrencies and their role in the markets in an interview with Bloomberg.

Japan's central bank criticizes 'crypto' and provokes a new crash

Japan’s central bank criticizes ‘crypto’ and provokes a new crash

In this way, Kuroda has joined his counterparts in other countries such as China or the United States, who recently made speeches along the same lines. Thus, the value of the main cryptocurrencies has started to fall. The value of bitcoin falls 7% to $36,800. For its part, Ethereum suffers a correction of 8.5% and places its value at $2,500.

Kuroda also pointed out that cryptocurrencies “are hardly used as a means of payment or unit of account.” From the Central Bank of Japan they have been working on the launch of their public digital currency (CBDC’s), which seek to facilitate payments, reduce transaction costs and compete with other forms of money.

Read more:

  • Old soap: China has banned Bitcoin 5 times since 2013
  • Data indicates that 76% of Bitcoin investors are still in profit
  • Elon Musk created a bitcoin council and is supporting the cryptocurrency again
  • But criticism of cryptocurrencies is not something new. Federal Reserve Chairman Jerome Powell said that cryptocurrencies are simply vehicles for speculation. Additionally, Luis de Guindos, the vice president of the European Central Bank, issued a warning that tokens should not be viewed as real investments.

    Finally, in recent weeks, ‘cryptos’ have lost much of the increases accumulated so far this year to the barrage of criticism from different positions, including the announcement by Elon Musk, co-founder of Tesla, of that the automaker stopped accepting bitcoins as a means of payment.

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