"Japan Considers Launching J-Coin, Eliminating Cash Before Tokyo 2020 Games"

[BurstIncomeAsset]

Anything more concrete than a consideration? 2020 isn't that far away. According to news, other countries considers launching national digital coins, including Palestine, since some years ago, and so far nothing of concrete happened.

[Marry Finch]

I do not believe that now any country can do without ordinary paper money, only applying crypto currency. To do this, it is necessary to create a number of necessary conditions such as complete computerization of the country, the widespread introduction of high technologies, the necessary theoretical and practical skills of owning a crypto currency by all citizens of the country without exception, and so on. This level has not yet reached any country in the world.

[Tyrantt]

I do not believe that now any country can do without ordinary paper money, only applying crypto currency. To do this, it is necessary to create a number of necessary conditions such as complete computerization of the country, the widespread introduction of high technologies, the necessary theoretical and practical skills of owning a crypto currency by all citizens of the country without exception, and so on. This level has not yet reached any country in the world.

They are not speaking of replacing Yen with crypto, read the post, they just want to implement it next to Yen with the 1:1 ratio, so people can use whatever they like more.

[budi691]

If it becomes fixed it may take time. But I also think Japan is the leading country to appreciate bitcoin.

[stompix]

Japan is the most cash heavy developed country by miles and miles. Anywhere else would be an easier achievement than there. Something like 85% of transactions are cash. How the hell are they going to wean their population off it in a couple of years?

Article from 2014.
https://www.ft.com/content/a7dc2cfc-9fa0-11e3-94f3-00144feab7de
Yet according to MasterCard, 38 per cent of Japanese consumer transactions are still conducted in cash.
So Financial Times data is reliable as a brazilian penguin. (don't ask , lol)

Also the title is misleading.
The article says:

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.

There is nothing about eliminating cash in that or a time frame for it.

Also IT IS NOT the Bank of Japan who is going to launch it.

https://www.ft.com/content/ca0b3892-a201-11e7-9e4f-7f5e6a7c98a2

A consortium of banks, led by Mizuho Financial Group and Japan Post Bank, has won support from the country’s central bank and financial regulator to launch the J Coin, an electronic currency to pay for goods and transfer money using smartphones.
It's more like paypal than bitcoin.

[Virtual miner]

I've always seen Japan as a country that would make the first move considering this. Is this the huge step for motivating other countries to follow Japans footsteps? Tho they're not considering blockchain technology to go with it because it isn't "'mature' enough to handle transactions",  
can this have a bigger impact on the bitcoin as well? Also, I see that it would go 1/1 ratio with yen and a coin, so would that mean that the price will be fixed?

Japan has always been a country step ahead of the whole world. Even India has decided to launch its very own cryptocurrency named lakshmi. But I think that these crypto eliminate the decentralizing feature so they are nowhere close to bitcoins.

[wolfracer]

Japan has always wanted to be at the forefront with electronic money and all that this involve , I would not be surprised if it becomes the first cashless country, however Switzerland is not far from this reality.

[Victorycoin]

My assumption is after launching the Jcoin the stages of phasing out the Yen was already in place. The Yen will not be replaced by digital currency until the last person is still using it. I once watched a documentary about a train, to be phased out in Japan, but one passenger student is still using that train to be able to go to school. They did not phase out the train, until the student graduated and it takes several years.

Jcoin will not replace Yen, they've said that, and it will be used next to to Yen. It will be 1:1 ratio as you can see it. It's not their goal to replace Yen.

Looks like Japanese legalization of Bitcoin is making us to lose it! The fact remains that, no government would be comfortable with a currency it cannot fully control and it should be obvious that this move is only to translate Yen to digital money - J-coin, not a cryptocurrency and hence the 1:1 ratio. Bitcoin with blockchain serves as specimen or better still guinea pig. What are you guys thinking, Japanese legalization might well be a subtle move to master blockchain  so they would be able to tame it.

[thebanker28]

I've always seen Japan as a country that would make the first move considering this. Is this the huge step for motivating other countries to follow Japans footsteps? Tho they're not considering blockchain technology to go with it because it isn't "'mature' enough to handle transactions",  
can this have a bigger impact on the bitcoin as well? Also, I see that it would go 1/1 ratio with yen and a coin, so would that mean that the price will be fixed?

How would this work out for them when they want to do quantitative easing? Any economists here who have an opinion on that?

[krishnapramod]

The concept behind J-Coin sounds more like M-Pesa/Apple Pay, mobile-based payment system rather than a cryptocurrency, used for buying goods and services rather than being traded on exchanges.

Japan is a cash-based economy, only around 14% of transactions are cashless and these transactions are dominated by Apple and Alibaba so starting a local electronic payment system that is pegged 1:1 with JPY is a sensible approach to move towards a cashless society from a dominating cash-based economy.

[Halcyon Days]

A coin for a whole country, initiated by the government? This would be indeed unique. Is there more information to that, as the reference in page 1 does not work anymore.

[n0ne]

As bitcoin have got a legal acceptance getting used similar to the conventional currency, there is no need of such a new token targeting the Tokyo games. This will surely decrease the usage of bitcoin when the token comes out for usage, because it's been developed by the government and the government will surely insist to go with J-coin. Maybe the legalization might be an initiation for people to understand about the digital currencies.

[HabBear]

They should call it "Yen" because that's what it is. If a government claims they are making a digital currency they either don't know what the fuck they're talking about or they're lying to you. Every developed nation already has digital currency - most currency is digital!

What they may mean to say is that they're going to:

(1) Eliminate the use of cash by forcing people to use their currency via a blockchain based system

(2) Shifting transactions to a blockchain ledger

(3) Instilling more control and visibility into transactions of their currency

News like this just adds another reason to adopt a decentralized currency - Bitcoin!

[Juggy777]

I don't think it will replace yen, cause J coin would be valid only within Japan and this would be a regulated coin, so I feel it shall see a taped response, will it effect Bitcoins, no I don't feel so, for the simple reason this jcoin will be tradable only with yen, and not a other FIAT's so I don't think it will be that lucrative to me or others outside Japan, plus it's price will be fixed and regulated who would like to have such a coin, I feel this would not succeed, and people will move towards to Bitcoins only.

[pooya87]

"elimination of cash" is not simply going to happen in a couple of years (nearly 3 now if they release the coin today!) so that is just another speculation probably by another poorly written article on of these click-bait sites.
in any case it won't help the Japanese to do something like this for the 2020 games because it will still be "their currency" and limited to their country not a global thing.

in comparison bitcoin which is global will help them and the tourists that visit their country a lot since they can already have bitcoin and carry it with themselves on their phones or their hardware wallets and easily spend it there.

[13abyknight]

Could almost see it coming especially from a country trying to digitise almost everything. Their priorities are very much visioned on long term betterment for the entire country. This would mean that by 2020, streets and shops are going to have digitised payment gateways which seems to be perfect to lead way for other countries to follow suite.

[imteaz]

I think its too early to adopt crypto currency as your main currency in a country. Because Japan has Billions dollar auto and tech industry, which will have hard time to digest crypto currency at this moment. But within next 7 to 10 years, yeah it's possible.

[giveen]

This will be 1/1 ratio coin they would make it decentralized coin for sure this coin would replace the current currency but completely transferring is impossible we still live in a world where internet is still paid or the free  wifi isn't secure.
The speed will play a important role if the funds are taking time to show up it will be a waste and lastly what about the poor no matter how developed or rich a country can be poor people still exist how will they be able to afford technology or atleast a smartphone.

[jc89]

I've always seen Japan as a country that would make the first move considering this. Is this the huge step for motivating other countries to follow Japans footsteps? Tho they're not considering blockchain technology to go with it because it isn't "'mature' enough to handle transactions",  
can this have a bigger impact on the bitcoin as well? Also, I see that it would go 1/1 ratio with yen and a coin, so would that mean that the price will be fixed?

If that's the case then my expectations for Japan is on point. Even back then when they are neck and neck with China I've been rooting for Japan. And this action of them just proved how well they handle technology and that they have better understanding with cryptos rather than other countries who banned btc. Having the ratio of 1:1 between Yen and J-coin then I believe that the price is fixed and either they want to replace their current currency or they just want to add J-coin as their legal currency. And overall I think this is good news.

[Victorycoin]

I think its too early to adopt crypto currency as your main currency in a country. Because Japan has Billions dollar auto and tech industry, which will have hard time to digest crypto currency at this moment. But within next 7 to 10 years, yeah it's possible.

This will be 1/1 ratio coin they would make it decentralized coin for sure this coin would replace the current currency but completely transferring is impossible we still live in a world where internet is still paid or the free  wifi isn't secure.
The speed will play a important role if the funds are taking time to show up it will be a waste and lastly what about the poor no matter how developed or rich a country can be poor people still exist how will they be able to afford technology or atleast a smartphone.

You guys are totally adrift and perhaps not on this bus! where did it say that Japan is planning on adopting a cryptocurrency as main currency or where did it say J-coin is going to be decentralized or that an average Japanese cannot afford a smart phone? Most failures in exams happen because people invest their own questions instead of the one put across to them by their examiner.