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  HOME | Business & Economy (Click here for more)

BoJ Governor Warns of Abnormal Surge in Bitcoin Prices

TOKYO – The Governor of the Bank of Japan called on Thursday the continuous rise of bitcoin as abnormal and asserted that the cryptocurrency is used as pure speculation and not as means of settlement.

Haruhiko Kuroda, addressing a press conference after a monthly monetary policy meeting of the BoJ, said the bank’s policies were unaffected by the increase in cryptocurrencies.

In April, Japan became the first country in the world to legally recognize bitcoin and other cryptocurrencies as a form of payment, a measure that was accompanied by mandatory legal stipulations for digital currency exchanges in the country.

This, along with an increase in its popularity in other countries such as South Korea and China, and more recently the launch of bitcoin related financial products in the United States, has contributed to a surge in the popularity of the digital currency, whose price, however, recorded Thursday nearly one percent drop in its value to 1,868,700 yen ($16,456).

The current prices are the lowest recorded in a week after they touched a record high of above $20,000 on Sunday, according to data from Japanese exchange Coincheck.

 

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