Banks in Japan are considering creating a digital currency, the J-Coin, intended to eliminate cash as a payment option. The news broke through an article indicating that the coin is being planned with the blessing of financial regulators for before the 2020 Olympic Games in Tokyo and is intended to streamline the financial system.
Recently, Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market.
But Japan is currently functioning as a 70 percent cash economy - a figure that by far exceeds most developed nations where digital transactions have taken the place of cash. These cash transactions create far more cost in the financial world than digital transactions.
More: https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games
Recently, Japan has once again become the largest Bitcoin exchange market with 50.75 percent market share of the global Bitcoin exchange market.
But Japan is currently functioning as a 70 percent cash economy - a figure that by far exceeds most developed nations where digital transactions have taken the place of cash. These cash transactions create far more cost in the financial world than digital transactions.
More: https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games
I think they are missing the point with the popularity of public Blockchains. People do not want "private" Blockcains that are
centrally managed by Banks. Most people do not trust banks, so why would they trust them with Crypto currencies? When
decisions are made without public consensus, it will fail. When will this concept sink in with these people?
Government will never understand the popularity of public blockchain and if ever they do, they will still not use them. Privacy is what this government is after, they wanted to know about its citizen but had never been transparent with them. There are lots of secret stuff especially in finance category these government are hiding. And they do not want it to be known to the public for certain reasons. Anyway, this is still good news because this simply show how blockchain technology is important.
