Japan’s J-Coin is Not A Crypto, Enthusiasts Disappointed As Digital Currency Is Launched

By Prashant Jha

Japan’s enthusiasm for putting its best foot forward with regard to modern technology is quite well-known. Therefore, when reports had surfaced that its Mizhuo bank is working to launch a cryptocurrency called J-coin, few were surprised. However, this month, shattering hopes of crypto enthusiasts, Japan has come out with J-coin as digital currency that is definitely not a cryptocurrency. In fact, this coin is not even based in blockchain technology.

Japan had been striving towards building a cashless economic system for a while now and J-coin was believed to be a step that would take Japan even farther, into the world of cryptocurrencies.

All conjecture surrounding the coin suggested that it would be a cryptocurrency to boot. However, after it was officially launched on the first of this month, turns out it is not!

Everyone had expected that J-coin would be like the usual cryptocurrency but would be backed by Japan’s national currency Yen.

Now, as it turns out, the real J-coin is not a cryptocurrency and is not remotely based upon blockchain, the basic technology underlying all forms of cryptocurrency.

The J-coin service was launched as a part of a mobile app system with an integrated wallet on the first of this month. Over fifty banks from Japan came together to work on this project and develop the highly hyped J-Coin.

The benefits of the J-coin are that it can be used for absolutely fee-less transactions that are easily doable via the use of a QR code and a phone number.

A single dashboard will be enough for the users to carry out transactions to multiple areas of payment. Now, while J-coin is clearly a very useful form of currency that will aid the Japanese financial system to a huge extent, it is indeed a disappointment that it did not turn out to be a cryptocurrency like everyone had hoped.

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