Japan has been working to achieve a cashless country, therefore, the logical solution seems to be shifting toward the blockchain network and utilizing cryptocurrencies. However, the launch of J-Coin is showing a different answer.
People are waiting for the crypto yen a token that supposedly would be backed by the Japanese Yen and the launch of J-Coin created further hype. However, the product named J-Coin is not a cryptocurrency in fact, it is not even based upon the blockchain.
The service was launched in the form of a wallet app on March 1st through the collaboration of more than fifty different banks. The users can send and receive money through the use of QR codes and telephone number without any transaction fees from a single dashboard. The all-rounder app can be used to complete any payment related procedures.
This upset many crypto enthusiasts as people were waiting for the rumored crypto yen. People expected J-Coin to be the one however, the cashless system is not even based on a blockchain so it is an even less a cryptocurrency than JPM Coin that was rejected for being a pretender.
However, the Coin does bring the country closer to a cashless society where people can make payments and transactions on the go without any involvement of paper cash. The country still has a long way to go to achieve that because currently, only twenty percent (20%) of the nation’s population use cashless payments.
As J-Coin failed to fulfill the position of a crypto yen eyes are now turning towards Rakuten that is apparently plans on launching its own cryptocurrency.