[2016-06-14] Japan will Release its Digital Currency in 2017

[a7mos]

Japan will Release its Digital Currency in 2017

It has been coming for quite some time now, but Japan is poised to be one of the first few countries issuing their own digital currency. With the Bitcoin value soaring as of late, the Bank of Tokyo-Mitsubishi will launch the currency as soon as Q3 2017.

For several weeks now, there have been rumors circulating about Japan planning to legitimize Bitcoin as a currency in the country. It comes as no surprise to find out the country’s largest banks has initiated their plan to roll out a national digital currency next year. MUFG Coin, as this new currency will be called, may see the light of day as soon as Autumn 2017.

http://www.newsbtc.com/2016/06/14/japan-will-release-digital-currency-2017/

[snipie]

No need for more cryptocurrencies, bitcoin is more than enough and we still didn't fully exploited it... For Japan better to include bitcoin as a main currency imo

[TraderTimm]

I find this a bit funny.

Japan is drowning in debt, and all of those JGB's (Japanese Gov Bonds) aren't just going to evaporate into the night air. One major Japanese bank has already pulled as a primary dealer, which softens the market and is causing a bit of a crisis of confidence in Abe's horrific "print money until you make it" plan to resurrect the Japanese economy.

They could use a crypto-currency as a bridge out, but developing their own sovereign coin will have some risks - most notably their population is much older than other countries, so the ones that would have to switch are precisely those that may not understand what the hell a crypto-coin really is. I suppose they will spin their wheels on this one, but it seems a little too late for them to step out from under the huge tsunami of debt that is crippling their country.

If this shows adoption and success, that would be fine, but I am skeptical that a misguided government could produce anything of real utility in time to save anything.

[richardsNY]

Japan releasing their own digital currency is nice and all (for them) but it doesn't solve the problem that governments are still in full control over everything. People don't want that anymore. That's why they most likely will prefer adopting Bitcoin than a government centralized digital currency.