Skip to main content
Black Listed News
Trending Articles:
Trending Articles:

Japanese Banks Are Planning to Launch J-Coin, a Digital Currency Meant to Kill Off Cash

Published: September 27, 2017
Share | Print This


Source: MIT Technology Review

Japan’s central bank is backing a scheme that could see the the cash-dependent country move toward a digital currency built on blockchain technology.

The J Coin, as it’s to be called, is under development by a group of Japanese banks with the blessing of financial regulators. According to the Financial Times (paywall), it’s meant to launch in time for the 2020 Tokyo Olympics as a way to streamline the country’s financial system.

At the moment, some 70 percent of all financial transactions in Japan use cash—a far higher amount than occurs in most developed countries, where cash has been on the decline for some time now. Relying so heavily on hard currency exacts costs in the form of transaction and handling fees, as well as the expenses associated with moving all those notes and coins around. Cash transactions are also easier to hide from regulators, and India, for example, cited shutting down the black market as one reason it decided to push aggressively towards digital money.

The idea for J-Coin is that it would sit alongside the Japanese yen, exchanged at a one-to-one rate, and be offered as a free service. In return, the banks that operate it would get detailed data on how people use it (as we’ve discussed before, that will indeed make people easier to track).

Read More...

Share This Article...


Emigrate While You Still Can! Learn more...




SIGN UP TO GET BLACKLISTED NEWS DELIVERED RIGHT TO YOUR INBOX

More Blacklisted News...

Blacklisted Radio
Blacklisted Nation
On Twitter
On Reddit
On Facebook
Blacklisted Radio:
Republic Broadcasting
Podcasts on Youtube
Podcasts on Demand
Podcasts on Spreaker
Podcasts on Stitcher
Podcasts on iTunes
Podcasts on Tunein

Our IP Address:
198.245.55.242

Sponsors:
good
longboard
brands


ONNIT Labs





BlackListed News 2006-2017