Japan's Digital Currency
On Wednesday, bitcoin rose to the $ 56,600 mark. Ethereum strengthened to the level of $ 1,810, and XRP-to the price value of 47.4 cents. The total capitalization of the digital currency market was $ 1.7 trillion.
Long-term holders of bitcoin have significantly increased their reserves in the cryptocurrency over the past ten months. The trend for long-term bitcoin accumulation continues to dominate, according to a study by Arcane Research. The outflow of coins from cryptocurrency exchanges is increasing, which creates conditions for a shortage of supply and the preservation of the upward dynamics of the movement of the main cryptocurrency. Already this year, the value of bitcoin has almost doubled. Long-term cryptocurrency holders are still accumulating bitcoins and are not looking to sell at current prices. Even the soaring price of bitcoin has not forced holders to sell their reserves. On the contrary, this category of investors buys on failures. After that, the holders of the cryptocurrency prefer to withdraw it from the trading platforms.
The governor of the Bank of Japan, Haruhiko Kuroda, said that the regulator will begin experiments with the state digital currency in the spring of this year. Kuroda stressed that the Central Bank of Japan is trying to keep up with similar departments in other countries. At the same time, there is no plan to issue a digital yen yet, but Kuroda believes that when the need to launch a state-owned cryptocurrency matures, the Bank of Japan will be ready for this. The head of the Central Bank noted that the first phase of experiments with the main functions of state cryptocurrencies will start at the beginning of the financial year. Thus, the testing of the digital yen can begin as early as April 2021.