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Some of Japan’s main banks have finalized a plan to launch their own digital currency, J Coin, to cut down the country’s cash dependence.
The new currency will be convertible into yen and will be used to make payments and transfers through a mobile phone app for free.
The main aim of J Coin is to cut down Japan’s dependence on cash, which accounts for 70 percent of its transactions, the highest percentage among developed countries, where the usage of cash has been reduced to about 30 percent on an average.
The launch of J Coin would have positive effects on the Japanese economy as it will reduce the costs of handling cash and will cut down on settlement fees.
The creation of an authentic Japanese digital payment service would also serve to compete with big companies such as Apple or China’s Alibaba, and would prevent Japanese consumers’ information from filtering abroad.
Financial groups have already held a meeting with Japan’s financial regulator to study the feasibility of the project that they aim to implement at the national level and with the largest possible participation of the country’s banks and companies by 2020.
Source (paraphrased from): http://www.laht.com/article.asp?ArticleId=2443851&CategoryId=12396&utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+laht%2Fmailer+%28Latin+American+Herald+Tribune%29
Don......
The new currency will be convertible into yen and will be used to make payments and transfers through a mobile phone app for free.
The main aim of J Coin is to cut down Japan’s dependence on cash, which accounts for 70 percent of its transactions, the highest percentage among developed countries, where the usage of cash has been reduced to about 30 percent on an average.
The launch of J Coin would have positive effects on the Japanese economy as it will reduce the costs of handling cash and will cut down on settlement fees.
The creation of an authentic Japanese digital payment service would also serve to compete with big companies such as Apple or China’s Alibaba, and would prevent Japanese consumers’ information from filtering abroad.
Financial groups have already held a meeting with Japan’s financial regulator to study the feasibility of the project that they aim to implement at the national level and with the largest possible participation of the country’s banks and companies by 2020.
Source (paraphrased from): http://www.laht.com/article.asp?ArticleId=2443851&CategoryId=12396&utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+laht%2Fmailer+%28Latin+American+Herald+Tribune%29
Don......
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