J-Coin: After the Bitcoin, Japan will launch a new virtual currency

picture source :https://pixabay.com/fr/cat-figurine-japon-affichage-2570417/

Like the Bitcoin, Japan is preparing to launch its own "cybermoney". Called J-Coin, it was devised to encourage the Japanese to abandon transactions in cash to the benefit of a "cashless" system. As information from the Financial Times reveals, Japan is preparing in the years to come to launch its own dematerialized currency. Called "J-Coin", it should allow the country's banks to inject up to 10 billion yen (90 million dollars) more into the Japanese economy to help it catch up. In Japan, most financial transactions are still in cash As modern as Japan is, it is important to know that 70% of the financial transactions are still carried out in cash. This is a very costly situation for banks to deal with large amounts of liquidity on a permanent basis, as well as to offset losses related to money laundering or embezzlement. Designed in partnership by Mizuho Financial Group and Japan Post Bank, the J-Coin will be convertible into yen and will operate with a mobile app created by Japanese banks. Customers who use it will be able to transact via QR Codes and two-dimensional barcodes where digital information will be stored. Supported by the Central Bank of Japan (BOJ), this cyber-currency is expected to be effective by 2020 for the Tokyo OJs.

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