J-Coin should become 2020 Japans digital currency

In fact, several banks in Japan are working on the J-Coin, a crypto equivalent to the Japanese yen. According to the Financial Times, the project is headed by the Central Bank of Japan and a bank group called Mizuho Financial Group. The digital, state currency will be introduced to the Olympic Games in Tokyo 2020.

The main motivation for the digital Coin is to push the cash further, if not even in the long term even completely. Cash is still very common in Japan - approximately 70% of all transactions are processed with cash. In spite of the digital progress, most Japanese people are not skilled in the choice of payment processing. In addition to the high costs associated with cash management, the point of lack of (official) control also plays a role.

In order to ensure sufficient acceptance in the population, payment processing is to be free of charge and very easy to use. Everyone should be able to pay for their purchase with the smart phone. In addition, foreign payment service providers such as Apple Pay or Alipay are to be marginalized.

In addition to lower costs and more control, this also hopes to boost the economy, since the savings can at least be passed on theoretically to the customer. The J-Coin should be exchanged 1: 1 to the yen. The user must, however, be aware that the price for the free payment lies in the supply of the personal data. Banks and companies would also benefit.

How the technology is to be solved technically and to what extent the blockchain technology is used here is not yet known. Finally, the Japanese central bank had recently said that the blockchain technology was not yet ripe enough to deal with payment transactions in the country.

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