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The Vice-President of the Bank of Japan spoke negatively about the impact of digital currencies issued by Central Banks on the current financial system. In his opinion, deputy governor Masayoshi Amamiya said that though the digital currency issued by the Central Bank may have a negative impact on the current financial system, the bank is open in the future to use new economic technologies such as cryptocurrencies. The conference was held jointly with the International Monetary Fund, the Japanese financial services agency and the Japanese bank. "The issue of the Central Bank's digital currency for general use may be analogous to allowing households and businesses to have direct bank accounts with the Central Bank. This can have a major impact on the two-level currency system and the financial intermediation of private banks" - Amamiya says and adds "IT innovations pose many basic questions and challenges related to the currency system, designing the Central Bank's infrastructure and using information related to business operations".
Amamiya came to the conclusion that although the Bank of Japan will no longer spend its own virtual currency, the bank understands that the use of new technologies is always possible for the Central Bank's infrastructure. The Bank of Japan and the European Central Bank are currently working on a joint initiative, called Project Stella, exploring the potential Blockchain opportunities in the field of securities settlements.
Let's now take a look at the Bitcoin technical picture in the H4 time frame. The market is now in wave b cycle of the corrective wave (2)/b, which should end at the level of $7,442. There is a possibility that the wave (2)/b had been completed already at the level of $7,722, but it would have been very short in price and time. The key level to the upside is the recent swing high at the level of $8,355. If broken, then the market will likely rally towards the next technical resistance at the level of $9,134.
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