Enlargement of digital payments BOJ Governor emphasizes the need for risk regulation October 21:35
BOJ President Kuroda gave a lecture in the United States, stressing the need for regulations on risks such as large-scale system troubles, with digital payments using smartphones rapidly expanding in emerging countries.
BOJ President Kuroda spoke at a forum on the 20th in Virginia, a suburb of Washington, to discuss emerging economies.
In this, President Kuroda expressed digital payments using smartphones as a “frog jumping” phenomenon, which improved convenience at a stretch with new technology, and “conventional banking services include physical properties such as store networks and ATMs. Infrastructure was indispensable, but it was no longer necessary, "he said, indicating that about 40% of adults will expand rapidly in emerging countries that do not have bank accounts.
On the other hand, the policy authorities should maximize the benefits of new technologies while responding appropriately to risks, noting large-scale system troubles, protecting personal information, and misuse of money laundering and tax evasion. We need to work hard to pull it out, ”stressing the need for new regulations.
These regulations have evolved into a global debate over the issuance of Facebook's crypto asset “Libra” and were the first agenda item at the G20 Finance Ministers and Central Bank Governors Meeting, which Governor Kuroda attended. .