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Will People Ditch Cash for Cryptocurrency? Japan Is About to Find Out

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Japan is looking to become increasingly cashless.


Japan's prime minister Shinzo Abe wants 40% of payments in that country to be cashless by 2025.

In August, the Japanese government announced plans to offer tax breaks and subsidies for companies that embrace cashless systems.

Methods like credit card payments and quick response codes would qualify under Abe's cashless plan, but some of Japan's financial leaders think the way to move Japan away from cash is through blockchain.

Researchers from Mitsubishi UFJ Financial Group (Japan’s largest bank) and Akamai are working to build a blockchain-based consumer payment network before the 2020 Summer Olympics.

In testing, the researchers claimed their system can handle more than 1 million transactions per second, with each transaction confirmed in two seconds or less; eventually, they said, it could eventually achieve 10 million transactions per second.

From Technology Review
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Abstracts Copyright © 2019 SmithBucklin, Washington, DC, USA


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