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

[Tyrantt]

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?

[kriticko29]

Now we have a discussion here. Japan is always known to have a very good economy and we all know that once it give a try into cryptocurrencies we can assure that it will go boom.

[fossilized]

This is the reference link https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games

The article states that it "may" be based on blockchain technology, while the comment on the maturity of blockchain technology came from BOJ rather than part of the article. Otherwise its a cool indicator that the scope of blockchain technology is increasing and getting wider acceptance. Very positive beginnings.

[DaedRik3]

But is it decentralized

[Nahl]

i have recently read the article that there is possibility The J-Coin is intended to function in tandem with the Yen, rather than replacing it so if this is happened the effect maybe for bitcoin itself not for Yen as Japan the current currency and we all know currently Japan is one of the biggest market for bitcoin and if Japan launching J-coin which mean people at there will more likely to use J-coin rather than bitcoin

[BitcoinHodler]

But is it decentralized

obviously NO.

and that is going to always be the edge that bitcoin gains. additionally i do not see what would be the point of making such a coin which is also heavily restricted to one country.
with bitcoin in 2020 every person in the world who owns bitcoin (which is a global currency) can go to Japan and start spending without worrying about exchanging to local currency nor paying taxes.

[miningguru]

Now we have a discussion here. Japan is always known to have a very good economy and we all know that once it give a try into cryptocurrencies we can assure that it will go boom.

Exactly, but I don't see any official announcement by the Japanese, if they starting making cryptocurrency then every country will follow them because it may become more popular in all the countries.

[electronicash]

But is it decentralized

obviously NO.

and that is going to always be the edge that bitcoin gains. additionally i do not see what would be the point of making such a coin which is also heavily restricted to one country.
with bitcoin in 2020 every person in the world who owns bitcoin (which is a global currency) can go to Japan and start spending without worrying about exchanging to local currency nor paying taxes.

even so. if their JCoin will be equivalent to how much their yen will be, its still like the tether(USDT) whcih can still be listed on exchanges. if this can be realized, its a good start for their new economy. lesser traders will be on JPY/USD too. its going to be easy for those who wants to buy JPY and import products from them.

[ivrynx]

This move of japan only shows that they know what they are doing, if japan launches their j-coin and gets rid of their yen, people will do transactions with japan, using cryptocurrency, and we must keep in mind, some of our cars are madr in japan, a lot og toys are made in japan, anime is made in japan, i think, if they do it, a lot of people will go to japan and try to use j-coin for transsctions, i think it will not matter then if it is decentralized or not for japan, their economy will just boom, and for sure you will need bitcoin to exchange to their crypto coin, thus making their country a tourist attraction for people with bitcoins, plus they can use all their talent for marketing. I just hope this all turn out well, and soon, countries will follow, so that we can make use of our bitcoins for travel as well and not to exchange it anymore to fiat that really takes a lot of time.

[subSTRATA]

i have recently read the article that there is possibility The J-Coin is intended to function in tandem with the Yen, rather than replacing it so if this is happened the effect maybe for bitcoin itself not for Yen as Japan the current currency and we all know currently Japan is one of the biggest market for bitcoin and if Japan launching J-coin which mean people at there will more likely to use J-coin rather than bitcoin

i see this being the more likely possibility, i can't see japan completely phasing out the yen for a digital currency in this day and age. why? for international trade. i can't see the rest of the world just up and adopting j - coin along with japan for the purposes of trade.of course, japan could use a different nation's currency as a means of international trade, but i don't think we'll see that happening. in any case, for a timeline of 2020, that gives just a bit over 2 years to convert to a completely digital economy, and i just can't see that happening considering the infrastructure that would have to be established in such a short time to support such a massive system. japan does have a lot of cashless solution in place already, such as the suica travel cards, but a lot of merchants do not even have card readers and only take cash there. to completely restructure the system like that, i think the nation would need at least 5 years at an accelerated pace of development, with 7 or 8 being more realistic.

[Cloud27]

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.

[subSTRATA]

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.

that and this topic are not even remotely close to being comparable in any sense of the word. and before you even say anything, i've read up on the topic of the student being the sole passenger of that train too. we're talking about the complete shift from a fiat currency system, which the great majority of the world uses in this day and age, to a completely digital form of currency; it;s been tried before with auroracoin, but i havent really kept up with is, im assuming it failed. this isn't at all comparable to the government keeping a railway open for one student to be attend school; are you able to comprehend this? this isnt even about phasing out something for a replacement, the railway was to be closed, and is being kept open so a student could attend school up to their graduation. just. stop.

[electronicash]

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.

fuck that! you really have to give respect to them even after that fucking war 
i saw how disciplined these people are when i visited japan years ago when they were doing some street repairs, they do it night and day to finish what they started. i hope they can also start implementing blockchain and be cashless in the future.

[Tyrantt]

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.

[gabmen]

Well japan always is first when it comes to innovations so if they actually do this, it boost btc stock even more and perhaps it will fast track btc's acceptance in other countries.

[gajebo]

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?

I dont know what is happening in japan, but I think japan is a developed country, they are not afraid bitcoin will be a problem on the yen. because they believe almost the effect of their policies.
of course this will be seen by the world, and maybe other countries will follow in the footsteps of japan, of course in the developed country.
because it will not interfere with their real currency. that's what I thought.

[arseaboy]

this would be an interesting project if its for real, as i knew japan really embracing the concept of crypto and if they will create their own coins
for sure they will not allow any possibilities that it will be ruined their reputations we knew japan for its great success in terms of technology so
they can use that to implement and for this project to be more successful.

[gentlemand]

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?

[KuromaYoichi]

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 is the country with a lot of innovation and this is one of them. So this is going to be like usdt, fixed 1:1 with yen right? 2020 is near and i'm not sure they can complete the move at that time and even if they complete it, no trial run first?

[aoluain]

i have recently read the article that there is possibility The J-Coin is intended to function in tandem with the Yen, rather than replacing it so if this is happened the effect maybe for bitcoin itself not for Yen as Japan the current currency and we all know currently Japan is one of the biggest market for bitcoin and if Japan launching J-coin which mean people at there will more likely to use J-coin rather than bitcoin

now this is a very interesting thread topic!!!

Im not sure I agree with Nahl above, OK J-Coin may be
a blockchain based currency but it will be centralised
which will be completely different to Bitcoin.
It might introduce more people to Bitcoin though.

Here is the real reason behind the move >

"The service for the coin would be offered freely but would be a means
of tracking transactions that is far more complex in a cash-based society."