A new digital currency named J-Coin Pay has been launched in Japan with the aim of encouraging a cashless environment in the country without the use of cryptocurrency. In an official release regarding the launching of J-Coin Pay explained, “With the new J-Coin Pay bank digital currency platform, Mizuho Bank and other participating financial institutions will work together towards the Japanese government’s goal of achieving a cashless society.”
A jumbo internet company based in Japan, Rakuten is now allowing user to register and open account of its up coming Rakuten Wallet cryptoexchange in June. In 2018 Rakuten acquired Everybody’s Bitcoin platform and got license in December. Its board stated, “The virtual currency market has cooled rapidly and the downside risk of profitability has been increased by continuing the business,”
Japan’s largest bank, Mizuho clears that the recent hype in crypto media that it’s bringing out its own crypto turns out to be speculative fake news, it sternly states that J-Coin has nothing to do with cryptocurrency or even blockchain in general. It is step by government of Japan in modernizing the economy for the summer Olympics happening in Tokyo next year.
Japan recognized Bitcoin as legal tender and as reported in website jpbitcoin.com, ‘one third of global bitcoin transactions were denominated in Yen during December’. Bitcoin and other digital currencies were approved in Japan to operate as a legal tender. Popular business entities in Japan have also started to accept bitcoin payments.
The Japanese Finance analyst, Nomura, claims that bitcoin could contribute an addition of 0.3% to the Gross Domestic Product (GDP) of Japan. It revealed that there are huge numbers of bitcoin investors in Japan which Nomura coined to have “measurable effect” on the GDP.