Japanese Banks Plan To Launch A Digital Currency Meant To Kill Off Cash

by | Sep 27, 2017 | Headline News | 11 comments

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    Japan’s central bank is currently planning to back a scheme that would permanently kill off cash. Using blockchain technology, the J-Coin is now under development by Japanese bankers.

    The J Coin has the blessing of financial regulators as this will literally end Japan’s cash dependency. According to the Financial Times, the currency is meant to launch in time for the 2020 Tokyo Olympics as a way to streamline the country’s financial system. The idea for J-Coin is that it would sit alongside the Japanese yen, exchanged at a one-to-one rate, and be offered as a free service. In return, the banks that operate it would get detailed data on how people use it making people easier to track.

    Currently, about 70 percent of all transactions in Japan are done with cash. That is a higher than average amount for developed countries where cash has been on the decline for some time now, according to Technology Review. But governments don’t like cash transactions because they are much easier to hide. India, for example, cited shutting down the black market as one reason it decided to push aggressively towards a solely digital money.

    Whether or not the consortium adopts a blockchain-based currency, though, remains to be seen. At the moment one of the country’s big financial institutions, Mitsubishi UFJ Financial Group, is testing MUFG coin, which is based on blockchain. The FT reports that some 1,600 of the company’s employees already use it as a way to pay for business expenses, for example. There have been talks about whether MUFG coin might join the J-Coin initiative, but nothing has been decided yet. -Technology Review

    The bid to wean the Japanese off cash is on the fast track. Leading banks including HSBC, Barclays, UBS, and Santander are developing a “Universal Settlement Coin” to make trade amongst themselves easier. All of these movements have been inspired by the success of digital currencies like bitcoin.

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      11 Comments

      1. Anonymous

        The Sweeden of the orient. Minus the muzzies.

      2. Sgt. Dale

        Never happen. people will still us something for cash. It might not be the $ or something that but they will use something. Hells bells at one time they used shells. Now we use a $. It might just go back to shells. I’m not saying what kind of shells, might be sea and might not!!!

      3. Heartless

        Yeah everyone, get on the digital currency band-wagon. It’ll take the strain off the printing presses. All governments will have to do is assign a few more servers to act as depositories. Ooops if someone unplugs the damned things. “We so sahwee …. no munnee, aww gone”.

      4. Sammy

        Not doubt the sheeple will think it’s ‘great’ not having to be inconvenienced by having to count cash and coins!

        I’ll not be using anything but cash and coins unless I have to or for big transactions until cash and coins go.

        Hope others use cash and coins as much as they can too, we can’t stop others but at least we create demand for cash and coins to be both produced and accepted by retailers.

      5. The Deplorable Braveheart

        Sarge, I won’t be taking any chip or mark or any of that NWO crap. That’s when I’ll stop taking part.

      6. FTW

        Japanese Banks Plan To Launch A Digital Currency Meant To Kill Off Cash

        “Hey … you can’t do that! Time to nuke Japan back into submission.”

        Whorington D.C.

      7. Kay123

        SGT:
        Good one!
        The law of supply and demand will dictate what has value. We are probably fools to trust the $
        which has no value, but furs have no value to me either…..unless I am really cold!
        It is really hard to make something valuable out of thin air. But one can look back to the begining of this country when people came to this country with no money. Worked for a few years…..while building up equity in survival. Was it easy? Not hardly. Their wealth was in their own and their children’s abilities. My great great grand parents built a cozy “soddy home” on 300 acres of prarie which they homesteaded. They traded work for cattle, horses and goods. Everything paid…no debt. I don’t know how they did it. Where there is a will there is a way, I guess.
        I suppose thousands of people starved, many more died of disease, plus, wars between Natives & Settlers killed thousands more.
        Extended families lived on a homestead to conserve resources and protect themselves. It was a hard life, I’m sure.
        Today it is totally different.

      8. P!

        Even cash is traceable. Currency is serialized, you have to identify yourself at the ATM so the machine logs what cash serial numbers it has given you. Then when businesses or others deposit the cash, they must identify themselves and the machine reads the serial numbers. Using tellers doesn’t count for much as they get their cash through an internal ATM. Barter and “currency” that is not serialized is much less traceable.

      9. rellik

        This all presumes the Internet
        stays alive.
        Blockchain is really
        a double linked list that
        is encrypted. It is a very safe
        and robust way of handling data.
        My degree is in Computer Science.
        I’m a geek. I just worked as an
        engineer to survive.

        Stay with cash, never give it up.
        With a powerful computer I could
        break a Blockchain.

      10. GrandpaSpeaks

        Blockchain, only as good as the electricity behind it.

      11. Fritz

        Mustn’t let the slaves even use fake money anymore. From now on just the totally imaginary stuff.

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