Japanese Banks are Thinking of Making Their Own Cryptocurrency Called J-Coin

The biggest Japanese banks are planning to make their own national cryptocurrency by 2020 when the Olympic Games will take place in Tokyo. This new cryptocurrency will be called J-Coin, and people will be able to use it for making payments and transfers through a mobile phone app.

There are some important reasons to create Japanese cryptocurrency. They are following:

Firstly, Japanese banks have an intention for drop in the country's dependency on ready cash.

Secondly, they are waiting for reaction on creation and introduction of Chinese Alibaba payment service – Alipay. According to the government anxiety, Alipay will spy for clients and send to China.

In contrast to the common cryptocurrency, J-Coin will be connected with the real currency - the yen. More than that, J-Coin will have its bank-emitter.