The central bank of Japan announced it is speeding up its research to its own cryptocurrency.
The BOJ is not the only central bank in the world that is working on its own cryptocurrency. 5 Other central banks and the Bank of International Settlements, BIS, are part of this group.
The western central banks are competing with the Chinese central bank and the American FED on the dominance of the cryptocurrency world.
The research is also intended to solve the problems associated with cryptocurrencies. After all, is there the issue with privacy. How is your privacy protected when all transactions and payments are public available for everyone?
This is one of the key issues with cryptocurrencies is the issue of privacy and the fact that central banks are determined to ruin them. As they are not having any control over them.