J-Coin - Will It Become A Standard Currency In Japan Alongside Yen?
Will J-Coin become a standard currency in Japan?
This is a hugely important question. If this happens, the groundbreaking evolution within a government entity will likely become a rubric for success or what not to do, depending on the outcome of the implementation. Many other countries will look at this attempt as an early example of nationwide blockchain adoption as a standard mechanism of money transacting. Global and Regional banks are working with Japanese government on the legislation, development, logistics, and planning surrounding this, with some predicting the possibility of a full transition by 2020, at which point JCoin will work hand-in-hand with Yen.
Some think that IBM will be involved with the development, infrastructure building, etc., something that will likely increase the chances and likelihood of success and, additionally, will lead to a firm footing for IBM within the Blockchain/Crypto Industry that has emerged and is rapidly growing. I'm excited for this possibility and hope that it occurs, as it will strengthen the entire movement and my educated guess is that implementations like this will spread like wildfire. It wouldn't surprise me if other countries even attempted to beat Japan to the punch on this, because their aggressive, admirable plan of action is something that will increase interest and desire to compete!
For those interested, I've included some articles regarding this emerging news:
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Thanks! :) I'm glad you enjoyed it! :) I'll absolutely check out your content too!
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Absolutely :) You're quite welcome!
thaks @biddle
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It's probably inevitable that governments adopt cryptocurrencies and blockchain technology.
Of course, any transition from fiat currency to cryptos will be fraught with difficulty and obstacles. But that should give the govts more impetus to start work on such initiatives now.
If they don't, they'll lose out to bitcoin, ethereum, litecoin, and many other cryptos. Which might be a good thing.
Very true! I feel like this space is moving with the speed of the dot com boomX1000, so they likely want to step in while they still have a chance. We shall see, but I think that this is going to happen for sure.
absolutely you're right
In the world of crypto currency....prediction is very difficult and easy at the same time....considering the potentials of j-coin tho ...i really this it will be a success
I think so too! But good point; it's important to make an informed decision and you can always be wrong!
Interesting, thanks. resteemed.
Thanks! :) I'm glad you enjoyed it! :)
Good info. I think with China's crackdown on cryptocurrencies, Japan's crypto-economy will grow, and with that growth J-Coin will likely gather momentum.
Thanks for the post and for the follow. I upvoted, resteemed and of course followed you back. :)
Thanks for reading, I'm glad you found it useful and thanks for following! I'll be on the lookout for more content from you as well! :) I completely agree!
This is interesting and could be huge if it happens. Japan, however, has a preference for cash over card payments, so it will be interesting to see how this works culturally.
Oooh, very interesting information. I didn't even know that they prefer cash; I definitely want to know how people are reacting to the news in Japan now, knowing that. I think that might also tie into the motivation FOR the Japanese Gov't to implement it, because it would allow for better data tracking on consumer spending if, in the past, there was a preference toward cash. Thanks for sharing that! :)
It's about time japan gets back to the frontline of tech and lead by example! I'm looking forward to that day as the world will be a better place for all!
AMEN! :)
I think that the start is clearly late in 2020 (possibly further delay ...). The possibility of success is whether we can aim at the position of the base currency against the yen, but I think that it is quite tough.
Yeah, bureaucracy can always hinder speed, so you may be right! and yeah, mass adoption (or mandated adoption) might be necessary in order for it to catch on. Thanks for sharing! :)
Thank you for your reply. I think that I will keep an eye on the future as J-COIN of this time is likely to influence future movement related to crypto currency.
Great post @biddle. And, I do think with J-Coin on the horizon Japan's chances integrating cryptocurrency into its financial ecosystem are quite bright. You got my upvote and resteem dear.
Thanks! :) Agreed!
it's good news :) definitely better than one more crypto-ban (or shall i say "an attempt" to do so) :D
For sure! :) I definitely prefer to see people embrace crypto rather than act against it in fear! :)
lol awesome :)