Japan mobilising for Cryptocurrency

Political push

• President Shinzo Abe wants to make Japan cashless by 2025

• Japan, the world's third largest economy operates mostly with cash with over 200000 ATMs.

• It costs 18billion a year for maintaining the infrastructure and security behind infrastructure maintenance.

• Objective to make at least 40% of payments in cashless.

• Tax breaks and subsidies also offered for companies that get on board.

Economic push

• The most important giants entering the market is a collaboration between MUFG and Akamai

• To give the scale of proposal, the idea is to setup a Blockchain payment before the Olympics which surpasses VISA and Bitcoin transactions

• The system could achieve 10million transactions per second , for perspective VISA does thousands of transactions per second and Bitcoin does around 7.

Test bed?

• Japan is to be the largest test bed of cryptocurrency market pretty soon.

challenges

• security - Mt. Gox hit by hackers and around half a billion dollars stolen.

• Japanese traders going overly crazy and hyper inflating the market.

Kudos!!!!!

Here is a picture of moon from my terrace which says things are normal

Posted using Partiko Android