Japanese Banks are Thinking of Making Their Own Cryptocurrency Called J-Coin
September 27, 2017
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.