Japan has always been know for innovative ways of modernising their economy. The country is at the forefront of robotics and technological development, and recent developments suggest that they may be entering a new phase of development.
CNBC reports that “Japanese banks are looking to launch their own digital currency called the J-Coin to wean consumers off cash. Mizuho Financial Group is one of the institutions spearheading the move.” The idea is to shift low level transactions to the digital sphere.
The Financial Times reported Tuesday that a consortium of banks including Japan Post Bank was involved and that the J-Coin would launch in time for the Tokyo Olympics in 2020. The Mizuho spokesperson declined to comment on the involvement of other banks or the timeline.
This would be a revolutionary development in the world of digital currencies. Other cryptocurrencies such as Bitcoin or Litecoin pride themselves on existing outside of the jurisdiction of central banks. The J Coin would be working hand in hand with the government to develop this new currency.
If you would like to learn more about J Coin, go to cnbc.com. If you would like to receive more updates about cryptocurrency developments from around the world, sign up for our free dedicated newsletter.
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