J-Coin: Japanese Own Crypto. Big News?

As some of you may have heard, Japan is about to launch its own cryptocurrency. After looking into the plans, we decided to leave our impressions about it.

So what do we know about it?

Some of the facts: the new currency is to launch some time before 2020, the year Summer Olympics come to Tokyo. This means we still have time to speculate and analyze available information.

Those of you who have been following the crypto-related news lately, have probably heard similar news more than once, most notably Estonia has announced their plans to launch the national crypto, and (the latest news) Kazakhstan is about to jump a train as well.

There is also an interesting development, one we’ve heard about — again, — literally yesterday: WISeKey Introduces WISeCoin, a Cryptocurrency platform to enable countries to launch their own Cryptocurrencies.

The trend is obvious: there is more of these announcements to come, anyone versed in economics and technology will confirm blockchain is here to stay, and cryptocurrency is slowly — or why, even rapidly — becoming more of a commodity and eating up a big chunk at the stock market.

What is especially interesting about J-Coin, though, and we want to put special emphasis on it is the fact the exchange rate of a new cryptocoin will mirror 1:1 that of a Japanese Yen.

Now this is where it starts to be really curious, as none of the existing cryptocurrency to our knowledge is linked to fiat money — and this is why there is so much potential in it, and financial benefits to be gained.

With Japanese Yen, we certainly do not expect it to take a quantum leap and grow in worth ten-fold in a short period of time. As far as investments go, it is not the case of buying $70 worth of Ether and buying a $3330 car the same year: story based on real events.

On the other hand, though, it adds other benefits only digital currency can give, as well as makes crypto more widespread and ‘accepted’ — this we can only applaud.

Conclusions

Knowing as little as we do about J-Coin, it is not too hard to come with more or less accurate prediction: this currency will mostly be used locally in Japan, simplifying various financial procedures and making wire transfers easier.

As it stands, it certainly is not the most investor-friendly, well certainly not if one looks for an easy way of getting rich. In this case we suggest to consider more volatile cryptocurrencies, of which there is aplenty.

Not the best as an investment, J-Coin would make a safe deposit: the currency is backed by economics of one of the most (if not “the”) advanced country in the world. Clearly, if you want to go hiking or kayaking for a couple of years and make sure your savings ain’t gone by the time you are back… J-Coin will have you covered.

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