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CBDCs will bring extra boost to the digital asset market in 2021 according to Monex CEO

Updated: Aug 31, 2024
Published: Nov 25, 2020
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The CEO of Japan’s leading financial services company and securities broker Monex believes the development of a Central Bank Digital Currency (CBDC) will push the development and adoption of digital assets further forward into 2021.

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The well known CEO welcomed the Bank of Japan’s decision to look more closely at developing their own CBDC in 2021 by saying it would help Japan move toward a more efficient and digitised economy. Mr Oki Matsumoto went on to say

“CBDCs will significantly enhance the interoperability of cryptocurrencies, it would make the cryptocurrency market more lively.”

Monex is a financial services company based out of Tokyo, Japan. Its main subsidiary Monex Securities is involved in online securities trading. Monex are also the owner of Coincheck a Bitcoin exchange operator based out of Tokyo.

In the current climate many smaller digital exchanges do not hold bank accounts which makes the conversion of crypto into fiat currencies and legal tender difficult for users. The belief is that if CBDC’s are issued then central banks would offer a friendlier platform that would facilitate the smoother conversion of digital assets.

The Bank of Japan stated last month that it will begin looking into experimenting with CBDC’s early next year. Many see this response as an effort to catch up with the rapid development we have witnessed in the crypto and digital asset space to date.

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