The most important Japanese banks would be developing a cryptocurrency called J-coin, in order to be used nationally and standardize it ahead of Bitcoin and Altcoin.

One of the countries that leads the adoption of cryptocurrencies is Japan, which already supports Bitcoin in an official and regulated way in addition to other cryptocurrencies. The main banks of Japan, a consortium led by the Mizuho financial complex, have announced the development of their own cryptocurrency, which has been called J-coin, something that will allow us to stop depending so much on paper money in Japan, a very important dependence on the country. This currency will have the ability to be easily converted into yen and the payment and transfer system via smartphone will be completely free, according to a Mizuho spokesperson.

The aim of J-coin is to stop the country from depending on cash, since nearly 70% of transactions are made with paper money, a very high percentage if we take into account that most developed countries depend only 30% on paper money, relying more on cards. "Japan is a very special country (in this sense) and we need to reduce the dependence on cash," said the Mizuho spokeswoman.

The banks comment that the arrival of J-coin would have very positive effects on the country's economy, allowing the cost of cash management and settlement fees to be reduced. Transfers with this cryptocurrency in the country will not have any additional cost, while international transactions will have a very low fee. Banks and companies that use this currency will obtain the purchase pattern of users, something very valuable to generate strategies for the purchase and sale of products.

Both financial regulators and banks have come together to see how feasible this project is, seeking great acceptance at the national level and that banks and companies in the country take it into consideration and use it. The objectives are set in 2020, which is when the legal framework for this currency is expected to be generated.