Japanese banks are looking to launch their own digital process

In Japan there are different ways to pay them. There is of course the old payment method using money, then there are credit cards, or there are also methods such as Suica card that can be used to buy small products such as snacks, drinks, newspapers, and so on.

But according to a recent report from the Financial Times, Japanese banks seem to be developing their own currency, which will be called J Coin, which is supposed to be a substitute for the currency. It is said that the central bank supports the Japanese ebook in this idea and aims to launch the digital currency by the Olympic Games to be held in the Japanese capital Tokyo in 2020 to simplify the financial system in the country.

Currently, money remains dominant in Japan, accounting for 70 percent of all cash transactions. However, there are costs associated with monetary transactions, such as the transfer of all coins and notes, knowing that it is difficult to regulate monetary transactions, which is why Japanese banks want to use their own currency because this will allow the government to get a better idea of ​​how to transfer money, But this may result in some privacy problems and we are sure that sometimes everyone does not want others to know their purchases for any reason.

J Coin is expected to be valued at the same price as the Japanese Yen, meaning that people who change money to J Coin will lose nothing in the process. Of course, it remains to be seen whether citizens in Japan will accept this new system, but we have seen how some major retailers in Japan have been open to the idea of ​​digital currency, like Bic Camera, which began accepting Bitcoin as a payment method.