Will Japan Switch to Cryptocurrency?

In preparation for the upcoming Olympics, Japan considers using cryptocurrency

Cryptocurrency is a digital or a virtual medium of exchange which uses cryptography securing different financial transactions. It is a global means of payment accepted in selected nations, and the most known cryptocurrency is called Bitcoin and probably is the only trusted digital gold standard in the industry.

The use of Bitcoin is an easy way of doing transactions, however, it may not be applicable in various countries as it is not yet adopted by many. It is a blockchain-based cryptocurrency and is the first ever created and still the most valuable cryptocurrency. While some countries have already adapted this trend as a medium of exchange, Japan is said to be the next to follow and might go ‘cashless’ by the year 2025 according to Prime Minister Shinzo Abe.

Japan’s government has sought to improve its companies and businesses in a variety of ways in preparation for the Olympics in the next year expecting foreign visitors who are said to have credit cards and other digital payments only a ‘second nature.’ These people are also likely to spend more than billions of dollars during the duration of the event forcing Japan to get equipped and ready for this.

Accordingly, Japan’s financial system in most of their retail stores do not accept credit or debit cards, and online shopping is being paid through convenience stores where they need to pay in cash. This has been one of Japan’s least improvement coming from a nation who is most advanced in technology. The pressure on adding cryptocurrency to their financial market is still being thought and processed slowly but improving.

Meanwhile, not everyone in Japan is already sold out in switching to Bitcoins from their usual paper bills and cards. The country has also been labeled as having this habit of paying for everything—whether expensive or not—in cash. Is security-wise, it is one of the safest but will people invest in this? A question asked if there is indeed an assurance to using blockchains for their finances. If it reduces cost in using different metro cards, cryptocurrency might happen, but if not, then it is something to be thoroughly thought of, according to Yoriko Beal, HashHub’s cofounder.

Cryptocurrency is considered to be the world’s largest experiment in financial exchange and countries are getting ready for this big switch in the future. China and South Korea have already been “cashless” using electronic payments. Is your state ready for this?

About the Author

Reysel Montero
I've been contributing news since 2010, both online and print. Aside from Z6Mag, I manage independent news blogs that provide awareness on a diverse list of topics to every reader.

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