Toyota IT Division to Launch Own Digital Currency

[darkphoenix2610]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

[cryptomaniac_xxx]

Just to be clear, this is Toyota's own digital currency, meaning it's going to for their used only and not for everyone, or to make it more clearer, for Toyota City, Aichi Japan. So there will be no effect on crypto market. But it's good to hear that big companies are moving to blockchain technology and that is the positive impact of it. And I think this is just a pilot test and could be deploy to Toyota worldwide so the only one that will get the full benefit is the company itself.

[Kang TB]

Toyota is a big company and now this company follow the movements from paypal,
seems a bright future really clear in crypto world now, i believe more demands will coming in the near tima

[TastyChillySauce00]

Quoted this from your link

The project will involve 2,500 employees of Toyota Systems. This is to develop a platform for digital currency payments for the benefits of its employees. Participating employees can trade the digital currency for benefits points or gifts listed in a catalog. But it cannot be exchanged with Japanese Yen.

the token that will be issued by toyota will act as a gift for its own employees and in this case, I think that coin can be exchanged with the goods like a voucher or something else. I think it will act as a reward for the performance of its employees. That means this chain will be a private blockchain but it's also being used to create a to be connected with the partners too.

[Bitum]

I am sure that more and more big players will get into crypto. It's just a matter of time. The beginning is already given.
Recently there was also a message from JPM
https://www.cnbc.com/2020/10/27/jpmorgan-creates-new-unit-for-blockchain-projects-as-it-says-the-technology-is-close-to-making-money. html

[Zeehaxan]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

I just get the feeling we are on the right path of adoption and soon all big brands will be investing in crypto and also their own branded coins, this simply means that crypto market will be in trillions in few years.

[(o)(o)ilikeboobs(o)(o)]

Toyota is trying to create a digital currency to help this corporation solve problems of payment, gifts, incentives, shares ...
This coin will save them a lot of management money to focus on developing their new product. I appreciate the adoption of Blockchain in their system.
Since Toyota's digital currency has intrinsic value, it will not affect the crypto market.

[jrrsparkles]

Digital currency is not always a crypto currency, and this is something not for the public usage as per the above posts so its not something related to cryptos but it could bring the importance of moving towards digital payments where ever it is possible to have.

[tycsols]

Nice news, this just goes to shows that irrespective of the type of business each and every company, institution and even individuals are now looking to enter crypto market that can be by direct investing or by creating a product that will also result in new money flowing in to the crypto market.
I hope toyota will introduce many user friendly services with its coin like booking fee, full amount payments, taxes, registration all through the toyota coin.

[livingfree]

It's the application of blockchain and crypto.

Any company can make their own but will just use it inside their premises. No commercial use for that. But it all depends how they will use the token.

Appreciate that they do appreciate the technology we love.

[uray]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency.

So all the big corporate are following the trend and rather than using a well established cryptocurrency they are going to start their own and if each and every company starts their own it would be funny as you need a use case to attract users if not it will die off eventually and i really  do not understand whey they wanted a digital currency on their own.

[milewilda]

After Paypal announced in joining cryptocurrency, Toyota a giant company and one of the largest automobile manufacturers in the world based in Toyota City, Aichi Japan released their official statement last October 26, 2020, that they will be launching its own digital currency. https://crypto.co/news/toyota-it-division-to-launch-own-digital-currency/

What are your thoughts on this huge move from the giant companies? And what will be next?

Nothing special and wont be surprised if other big companies neither on the same industry or into other would tend to make their own digital currency.Thing here is that the trend do becomes big
but on its true purpose then its nothing different with fiat yet you can only make use of those coins only into their company.Am i right? So theres no point on making up such transition
and it would be less on the hassle if they do just stick out into traditional fiat.I dont see any other usage of those company coins that they had created.It will just simply pegged out into
traditional currencies mainly on jap yen and usd for sure.

[bttmember]

Before getting excited, we should wait and see how decentralized these coins are, i have read today that jp coin from jp morgan is also ready so lets see their uses and impact on the real crypto market, some people think that these will be controlled and centralized coins with limited uses allowed. If they are not truly decentralized im afraid they will not add any value to crypto market.

[VIP BTC]

Did the official source from Toyota say about this? Many opinions have been developed about crypto, but no official sources tell the truth. Toyota has a website, but I checked it, there was no news about digital currency.

[aioc]

Toyota is a big company and now this company follow the movements from paypal,
seems a bright future really clear in crypto world now, i believe more demands will coming in the near tima

Nope it will not have an impact in the market according to the article

The project will involve 2,500 employees of Toyota Systems. This is to develop a platform for digital currency payments for the benefits of its employees. Participating employees can trade the digital currency for benefits points or gifts listed in a catalog. But it cannot be exchanged with Japanese Yen.

so the digital currency will revolve around the company only and cannot be traded elsewhere, but if they succeeded many company will do the same for their workers.

[benthach]

this is the age of cryptocurrency

[plr]

this is the age of cryptocurrency

It is although this news will not have an impact in the market, but reading that Toyota will create one exclusively for their company, many company will model the structure, imagine what if the top 100 companies in the world have their own token for internal usage, that will be a big introduction to workers to Cryptocurrency and these workers will likeley invest in Cryptocurrency.

[TravelMug]

Toyota is trying to create a digital currency to help this corporation solve problems of payment, gifts, incentives, shares ...
This coin will save them a lot of management money to focus on developing their new product. I appreciate the adoption of Blockchain in their system.
Since Toyota's digital currency has intrinsic value, it will not affect the crypto market.

Most likely this is their initial goal, sort of testing their own digital currency and how things are going to be solved much faster internally within the company. So I would say that this is a good first step, not just for Toyota for all over the industry as we all know that having it's own token and private blockchain has a very positive effect.

This will set a precedence, and this is going to be the trend in the future. Small to large based companies moving to blockchain and developing their own digital currency. So we should welcome everyone of them joining this technological revolution.

[Ridwan Fauzi]

Last year Toyota has been tried to use blockchain system (like has mentioned on the article) so I'll not supprise if they now create its digital curreny who use blockchain as well. But, it certainly a good news for us all for crypto sphere because its system especially bitcoin has been trusted to be implemented in their system.

Sooner or later we will see its competitor like Honda that will use blockchain system. It just takes a few times from now, also I just amazed what has done by Japan's government, they are not doubt to use new system and regulated it. As we all now japan is the first country who has been allowing its citizen to use crypto currency as a mean of payment even some companies have paid their employees using bitcoin which many country didn't do that until now.

[fortunecrypto]

This is to promote Cryptoicurency on their ranks and files, if some of their workers are not yet on Cryptocurrency, they will soon be once this is implemented, Toyota have a lot of of affiliate in many countries and they will likely expand the usage tot heir affiliate abroad, and many countries will emulate this, the future of Cryptocurrency is bright reading a big company is going to do this.