Japan Plans Launching J-Coin to Eliminate Cash Prior to 2020 Summer Olympics, Tokyo
Primarily meant to streamline Japan’s financial system, Japanese banks are thinking about making a cryptocurrency so as to entirely remove hard cash as an option of payment. The new currency is set to be called J-Coin and the rumors came forth from an article hinting that the digital currency is being mapped out with the financial regulators approval prior to the Olympic Games that will be held in Tokyo in 2020.
Japan is the biggest market for Bitcoin exchanges in the world, holding a commanding 50.75% worlds Bitcoin exchange market share.
The only spanner in this seemingly perfect wheel is that Japan is currently an economy running on 70% cash. While this surpasses many nations that have adopted digital transactions instead of cash, cash transactions cost more than their digital counterparts.
While the J-Coin is not meant to replace the Yen and instead work hand in hand at an exchange of 1:1 ratio and the coins service will be offered free, the cryptocurrency will allow for a better digital trail of transactions as opposed to cash.
Speculation is ripe that the cryptocurrency will be built on Blockchain technology and despite the lack of details, the coin is said to be released in the next few years. However, the Bank of Japan might not consider Blockchain and cryptocurrencies old enough to support daily transactions if recent correspondence by the reports is to be followed.
Japan government’s interest in cryptocurrencies goes in step with the ever-growing thought that governments worldwide are looking to start their own cryptocurrencies.