More and more financial institutions are looking at cryptocurrency and now Japan’s major banks are also considering a cryptocurrency of their own to be developed before the Olympic 2020 games called the J-Coin. Bitcoin has been going up and down on the graph like an alligator’s teeth but for the long term it is expected to go well over $5000 by next year February, 2018. If Japan comes up with a cryptocurrency the purpose of which is to eliminate cash, this is going to put pressure on the thousands of Japanese people who have stashed away in home safes an estimated $360 billion in cash. This could potentially be an excellent way to invest in a cryptocurrency offered by Japan buy purchasing coins when the announcement is made that the J-Coin will be released. word of caution though is that this J-Coin that is being developed will be compromised on most smart phones unless better than usual security precautions aren’t taken. They are very easy to break into to steal cryptocurrencies. I wouldn’t use anything other than a Sumgsung S7 since they seem to be the most secure. It is the same smart phone John McAfee (must see interview) uses.
Source: RT News
Japan considers killing cash by launching own cryptocurrency
September 27, 2017
Authorities in Japan are considering starting a digital currency to be called the J-Coin. By doing so, Tokyo will reduce cash circulation in the country.
“The project is in the early stages, and we have just held study meetings with other institutions,” a spokesperson for Japanese bank Mizuho Financial Group told CNBC on Wednesday.
“This will be pegged with Japanese Yen, and hopefully used to make payments and transfers through a mobile phone app,” the bank said.
According to a report by the Financial Times, a consortium of Japanese banks are working on the project, and they are interested in launching the J-Coin before the Tokyo Olympics in 2020.
The project has the support of the central bank and regulators. The J-Coin will allow Japanese consumers to pay for goods and services with their smartphones.
The government’s goal is to cut dependence on cash, which represents 70 percent of all transactions by value in Japan. The J-Coin will be exchanged at a one-to-one rate with the yen.
Banks behind the project intend to counter the growing e-payments services of international tech giants like Apple or Alibaba.
Japan is one of the first countries to begin to recognize cryptocurrency as a legal method of payment. The country passed legislation into law, effective April 1, categorizing digital currency as a kind of prepaid payment instrument.