Japan to launch a J-Coin cryptocurrency

The Japanese banks consortium headed by Mizuho Financial Group and Japan Post Bank plans to launch a national digital currency
26 September 2017   2059

The Japanese banks consortium headed by Mizuho Financial Group and Japan Post Bank plans to launch a national digital currency, as reported by ft.com.

The Japanese authorities and the central bank are claimed to support the project aimed at developing a solution that will allow citizens to pay for goods and services using smartphones. It is expected that a new crypt currency called J-Coin will be released before the start of the Summer Olympic Games 2020 in Tokyo.

Thus, as reported, 70% of all payments in Japan are made in cash. For banks and government, such dependence entails additional costs, e.g. financial institutions are forced to bear the extra costs associated with transportation, collection and audit of large amounts of cash. 

I think this electronic money is quite ahead of [credit and debit] cards, because when you use the cards the shops pay a certain fee.
 

Yasuhiro Sato
Mizuho Financial Group president and chief executive officer 

The consortium of banks has calculated that, thanks to the new cryptocurrency, Japan's economy will be able to receive at least 10 billion yen ($90 million) additionally. In this case, the rate of the digital currency J-Coin will be tightly tied to the rate of the Japanese yen in the ratio of 1: 1.

It's also worth mentioning, that a bit earlier the Japanese Mizuho Financial Group has also teamed up with tech conglomerate Hitachi in order to use blockchain platform for supply chain management.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   120

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.
 

Elliott Suthers

Coinbase

Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.