Japan has so far become the country's most alert response to the existence of digital money. Since April 2017, Japan has passed rules on payment systems using digital money, such as bitcoin.
The Japanese Accounting Standards Board is now in charge of drafting guidelines, how the crypto currency can be applied in accounting calculations.
Research conducted Fuji Chimera Research said, currently only no less than US $ 1.7 billion cryptocurrenciess such as bitcoin, Litecoin, Ripple and other digital money circulating in Japan. This amount is expected to continue to increase to reach US $ 9 billion in 2020.
Not to be outdone, a Japanese banking consortium is also preparing their own version of cryptocurrencies named J Coin. A number of major Japanese banks are included in the consortium, such as Mizuho Financial Group and Japan Post bank. More precisely, there are more than 70 banks included in the consortium.
They have set up a joint venture that will manage J Coin.
As reported by Nikkei, Sunday (17/9), the consortium of the bank will offer J Coin for payment of various transactions, ranging from the purchase of electronic equipment to money transfers that are not charged commissions.
The consortium hopes, from this step they can emulate e-payment services developed by international technology giants like Alibaba Group Holding and Apple. There is a possibility that the consortium will increase membership of large banks, in order to create an increasingly solid coalition.
The consortium hopes, J Coin can start active in trading in 2020.
The consortium is developing a system where the yen can be withdrawn from bank accounts and converted to J Coin via apps on smartphones. the digital currency can then be used for various shopping needs.
Through J Coin, money transfer services will also not be charged commission (fee). This will also be the concern of the consortium members, so that J Coin can become a digital currency more in demand by the Japanese people.
Conditions that occur in Japan is also happening in other parts of the world. The Central Bank of India or The Reserve Bank of India (RBI) is now also formulating a digital currency that can be used as an alternative to official currency Rupee, in digital transactions.
The Central Bank of India had previously ordered a cryptocurrency user company to share information between banks to help prevent fraudulent use of the digital currency.
The Dutch Central Bank has also created its own digital currency, but only limited to its internal use. This is done to better understand how how the digital money works.
The Japanese Accounting Standards Board is now in charge of drafting guidelines, how the crypto currency can be applied in accounting calculations.
Research conducted Fuji Chimera Research said, currently only no less than US $ 1.7 billion cryptocurrenciess such as bitcoin, Litecoin, Ripple and other digital money circulating in Japan. This amount is expected to continue to increase to reach US $ 9 billion in 2020.
Not to be outdone, a Japanese banking consortium is also preparing their own version of cryptocurrencies named J Coin. A number of major Japanese banks are included in the consortium, such as Mizuho Financial Group and Japan Post bank. More precisely, there are more than 70 banks included in the consortium.
They have set up a joint venture that will manage J Coin.
As reported by Nikkei, Sunday (17/9), the consortium of the bank will offer J Coin for payment of various transactions, ranging from the purchase of electronic equipment to money transfers that are not charged commissions.
The consortium hopes, from this step they can emulate e-payment services developed by international technology giants like Alibaba Group Holding and Apple. There is a possibility that the consortium will increase membership of large banks, in order to create an increasingly solid coalition.
The consortium hopes, J Coin can start active in trading in 2020.
The consortium is developing a system where the yen can be withdrawn from bank accounts and converted to J Coin via apps on smartphones. the digital currency can then be used for various shopping needs.
Through J Coin, money transfer services will also not be charged commission (fee). This will also be the concern of the consortium members, so that J Coin can become a digital currency more in demand by the Japanese people.
Conditions that occur in Japan is also happening in other parts of the world. The Central Bank of India or The Reserve Bank of India (RBI) is now also formulating a digital currency that can be used as an alternative to official currency Rupee, in digital transactions.
The Central Bank of India had previously ordered a cryptocurrency user company to share information between banks to help prevent fraudulent use of the digital currency.
The Dutch Central Bank has also created its own digital currency, but only limited to its internal use. This is done to better understand how how the digital money works.
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