Japan launches J Coin Pay: Not a cryptocurrency though
J Coin Pay has put Japan closer to the goal of creating an ecosystem without money. J Coin Pay is a digital wallet application that allows users to scan a QR code and payment payments to anyone in the entire country. Despite the crypto-related name, the J Coin Pay has nothing to do with cryptocurrency.
J Currency money in Japan:
The J Coin Pay digital wallet was developed by the famous Mizuho Bank of Japan and will be available to the residents of Japan from 1 March of this year. The portfolio application has already worked with sixty banks in the country and will be used to send, receive or pay someone in Japan. This would be a step forward in turning Japan into a moneyless country.
With the J Coin Pay, the user can add money to the wallet via their bank accounts to continue paying or send it to anyone. The transfer would only take a few seconds by adding the recipient's phone number or scanning the QR code.
J Coin Pay has put Japan closer to the goal of creating an ecosystem without money. J Coin Pay is a digital wallet application that allows users to scan a QR code and payment payments to anyone in the entire country. Despite the crypto-related name, the J Coin Pay has nothing to do with cryptocurrency.
J Currency money in Japan:
The J Coin Pay digital wallet was developed by the famous Mizuho Bank of Japan and will be available to the residents of Japan from 1 March of this year. The portfolio application has already worked with sixty banks in the country and will be used to send, receive or pay someone in Japan. This would be a step forward in turning Japan into a moneyless country.
With the J Coin Pay, the user can add money to the wallet via their bank accounts to continue paying or send it to anyone. The transfer would only take a few seconds by adding the recipient's phone number or scanning the QR code.
No cryptocurrency or blockchain involved:
It is important to note that J Coin is not a cryptocurrency and that the wallet does not require the use of blockchain technology. It will be a normal digital wallet application for mobile phones just like the AliPay & WeChat in China and Paytm in India.
The updated cryptocurrency regulations in Japan have inspired financial institutions to adopt a more standard approach rather than going to blockchain technology. The Mizuho bank is in the digital portfolio industry at the best moment before an international competitor can. At present, Japan has the largest cash-to-GDP ratio (around 20%) in the world between the major economies.
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