Has anyone heard this story? According to the technology review the Central bank of Japan in collaboration with Japanese banks and regulators are launching a sovereign cryptocurrency!
J-Coin
Slated to launch in time for the Tokyo Summer Olympics in 2020, and will have all the usual benefits that governments covet.
- precursor to banning cash
- track all transactions
- tax all transactions
- track all people
Is this Exciting.... or Scary?
Japan is not the only country experimenting with a blockchain based sovereign cryptocurrency. China and Sweden are two that come to mind off the top of my head.
Will this kill the the banking industry... or entrench it?
You've got to admit, it is somewhat ironic that a libertarian minded, open source platform will now in all likely hood be adopted by the governments of the world to do what governments do best..
Until next time.
It's your move.
JESS
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Interesting indeed. The focus that central banks are giving to blockchain does not get a lot of mention in the popular press, but they are actively investigating it. http://www.bis.org/publ/qtrpdf/r_qt1709f.pdf
Oh wow, thanks for posting that link @wanderingmind! can't wait to dig into that.
I doubt people will use it unless they want to be tracked. I am sure people will prefer bitcoin where government has no control. Unless they said J-coin is the only coin being accepted there but then the global market won't recognize it
Perhaps, only time will tell. The idea is to make it consistent with the Japanese Yen, tradeable 1 to 1. So anything that you can pay your taxes in will probably have the edge. The majority of people I find are definitely not interested in breaking the law if that scenario you mention does unfold
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STOPThe bankers are responsible for the degeneration of our world. They control the money of large companies & the state. They have more power than everyone and their greed makes it all worse.
True enough.
“Bankers own the earth; take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again… If you want to be slaves of bankers and pay the cost of your own slavery, then let the bankers control money and control credit.”- Sir Josiah Stamp, Director, Bank of England, 1940