On Tuesday, Haruhiko Kuroda, the governor of the Bank of Japan stated, the central bank has currently no plans to issue digital currencies; it is however conducting research on the subject in case the need to do so arises in the future.

He went on to add, stable coins should not be issued unless there is a sufficient framework in place to ensure governance and risk management.

“If stable coins backed by companies with a huge customer base are issued globally, that could have an impact on monetary policy and financial system stability,” said Kuroda while addressing the parliament.