J-Coin would work the same way as Bitcoin, but would have a 1-to-1 exchange ratio against the yen, the Japanese currency
Japanese banks can create their own digital currency, called J-Coin, with the intention of ending the use of cash in the country by 2020, when the Olympic Games will be based in Tokyo. This plan has the approval of the Japanese Central Bank, interested in digitizing Japanese transactions.
J-Coin would work in the same way as Bitcoin, but would have a 1-to-1 exchange ratio against the yen, Japan's currency. The country is already the largest market for Bitcoins in the world - especially after recent turmoil in China -, corresponding to 50.75% of the global market share of the currency.
The creator of the coin is the mysterious Satoshi Nakamoto, Japanese name. Even so, Japan is a society that uses A LOT of money: 70% of all transactions are made in currency, which is well above the threshold of most developed economies.
The new currency, however, does not yet have its infrastructure available. The Japanese Central Bank understands and believes in the Blockchain concept, but does not yet think that it is "mature" enough to handle all the transactions of the (Japanese) economy.
Crypto-currency technology, however, is beginning to show itself as the future of the world economy. Japan is not the first country to set up its own currency - Estonia has also demonstrated that will. Let's talk about everything that is happening at the Bitcoin Conference, an event with the best experts.