Japan’s sixteen licensed digital currency exchanges have reportedly agreed to unite to create a new organization which will self-regulate the nation’s exchange marketplace. That entity will be called the Japanese Cryptocurrency Exchange Association, according to a report from media outlet Asahi Shimbun.
In a move that some media outlets are describing as an effort to ban cryptocurrencies, Iran’s Central Bank has directed banks and other financial institutions to avoid all crypto-related transactions. According to Bloomberg, the Islamic Republic News Agency reported that the ban applies to every finance-related institution in the country:
The Supreme Court of Russia has ordered the City Court in St. Petersburg to take up a complaint involving a ban on cryptocurrency-related websites. The decision on Friday directs that court to review an appeal of the 2016 District Court decision that blocked Bitcoininfo.ru, according to a report from The Russian Legal Information Agency (RAPSI).
Current San Francisco Federal Reserve president John Williams suggested in a speech on Friday that cryptocurrency is unlikely to replace the current fiat currency system, according to reporting from CNBC. Williams, who has led the San Francisco Fed since 2011, was recently chosen to take over as president of the New York Federal Reserve when William Dudley retires on June 17.
In an interview with Reuters, Monex Group CEO Oki Matsumoto reportedly suggested that Japan should exercise stricter regulatory authority over the nation’s digital currency exchanges. He compared the exchange services to those provided by banking institutions and said that a move toward tighter regulation is just “common sense.”