Central banks across the world have shown increasing interest in blockchain technology. Leading nations and governments, in particular, have announced their intentions to develop blockchain-based platforms to carry out autonomous operations that could optimize the efficiency of various government activities.
The Bank of Japan and the Reserve Bank of South Africa are the latest monetary authorities to express their optimism towards the blockchain technology and its potential impact on finance.
Since the Mt. Gox fiasco in 2014, the Japanese government has been heavily involved in its cryptocurrency and blockchain markets, assisting local startups toward better regulations and friendly policies. The Japanese government passed a bill to regulate Bitcoin exchanges in May 2016, officially recognizing Bitcoin and digital currencies as money.
The continuous emergence of innovative cryptocurrency-based services and blockchain platforms ultimately served as a motivation for the Japanese government to initiate in various research projects and studies on blockchain to explore its potential in the local financial market.
On August 23, 2016, Bank of Japan governor Haruhiko Kuroda made a series of statements at an event at the Bank’s Fintech Center, describing the importance of blockchain-based services and