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BOJ, ECB to study virtual currency technology www3.nhk.or.jp
The Bank of Japan says it is launching a joint study with the European Central Bank into the possible application of a technology used for Bitcoin and other virtual currencies to market infrastructure.
The Japanese central bank announced the agreement with the ECB on Wednesday.
It says this will be the first joint study of its kind by major central banks. The main findings are expected to be released next year.
The study will involve the application of online distributed-ledger technology, or blockchain, to financial market payment systems.
Blockchain-based systems are believed to be safer and less costly than using a centralized database.
Some financial institutions and technology firms are already working towards introducing the technology.
The Bank of Canada is considering using it for its settlement systems.
BOJ Governor Haruhiko Kuroda recently expressed skepticism about introducing the technology for its own settlement system. But analysts say the BOJ is trying to assess the mid- to long-term possibilities.
Published Date:2016-12-08
