Japan’s banking industry will be launching ‘J-Coin’, a fresh digital currency that is the digital omschrijving to the Yen.
The banks ter Japan have bot collaborating to create J-Coin, a crypto version of the Yen that they hope to launch by 2020 – just te time for the Tokyo olympics . Unlike most cryptocurrencies, the J-Coin will be pegged to Japan’s national currency, the Yen, this means that unlike Bitcoin and most other cryptocurrencies, J-Coin will be centralized and Japan’s government will be able to play a role te its regulation and economic policy.
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Simon Dixon, CEO of BnkToTheFuture.com , commented to Coinidol.com:
“Central handelsbank digital fiat is convenient and stable for spending te a circunscrito economy, but you don’t legally own the money like contant, it can be censored when you spend it on something the government does not like and it will be subject to an inflationary monetary policy encouraging debt overheen savings. This will help people understand the value of Bitcoin which the user can own, spend spil they wish, and ensure it goes after a deflationary monetary policy where their wealth can increase overheen time. The end result is people will spend convenient but inflationary money (J-coin) and save less convenient Bitcoin outside of government control. Digital fiat like J-coin makes Bitcoin stronger.”
With J-Coin, consumers will be able to withdraw Yen from their bankgebouw account, convert it to J-Coin via a smartphone app, and then they will be able to use J-coin at: convenience stores, restaurants, and any other participating business.
The banks te Japan to harvest Consumer’s shopping records
If successfully implemented, the fresh digital money will reduce the amount of fiat te circulation, making business more efficient because the costs associated with treating contant, including transportation and auditing will be greatly diminished due to the lower volume of specie mededinger with J-coin . Banks look forward to ongezouten canap transfers, the elimination of commission fees from remittances inbetween individuals, and cheaper overseas transfer of money.
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But what may be even more valuable to Japan’s Banking industry than a more efficient system of money, is the valuable gegevens they will be able to mine via J-coin. Because cryptocurrencies incorporate blockchain technology, the banks of Japan will have access to a ledger of every payment that every J-coin user has everzwijn made or received. The banks ter Japan project to harvest Consumer’s shopping records and related information, they then will share their consumers/customers gegevens amongst each other to enhance and form their marketing and pricing strategies.
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Albeit a centralized digital currency with lack of privacy is not exactly what the crypto community stands for, I think Japan’s J-coin goes to voorstelling that blockchain technology is the future. And for the banking and finance industries and economies around the world to operate more efficiently, wij have to ditch paper money–the few examples listed previously goes to showcase that there are just too many costs associated with treating metselspecie – It’s just not the most efficient way to operate te . I’m sure other nations will be closely watching Japan’s development and launch of the J-coin. If successful, this could set a precedent for banking, finance, and economies around the world.