BoJ's Nakaso: central banks must keep up with technology

Hiroshi Nakaso

Central banks must stay abreast of developments in payments technology if they are to avoid constraining the economy, Bank of Japan deputy governor Hiroshi Nakaso said today (November 18).

Addressing a fintech conference at the University of Tokyo, Nakaso pointed to the importance of real-time gross settlement (RTGS) systems. "If the central bank had rejected digital technologies and only provided banknotes as payment instruments with finality, then economic development would have been substanti