Bank of Japan said there is no need to issue cryptocurrency because there is no demand

Bank of Japan addresses cryptocurrency

There is no need for a digital currency, a top official at the Bank of Japan told Bloomberg, at least not yet.

We aren't at the stage of considering issuing a digital currency because there is no demand," said Yuko Kawai, the head of the BOJ FinTech division in an interview published Sunday. "To begin with, do we really need a digital currency in the nation where cashless living isn't making much progress?"

The Japanese public uses cash more than any major economy, according to the Bank for International Settlements. The value of physical currency in circulation is 20% of GDP.

One country that might better consider a digital currency is Sweden, where cash is just 1.4% of GDP.

On Bitcoin, Kawai said it's not a currency but a commodity for speculative trading.