From Japan a cryptocurrency that will change everything
From Japan a cryptocurrency that will change everything

By CryptoInfluencer | CryptoUpdate | 26 Feb 2020

Cryptocurrencies continue to make headway in the states but not everything is going as well as the programs.

The world of cryptocurrencies is constantly changing. Although the memory of what happened between 2017 and 2018 (sudden rally followed by a ruinous collapse) is still fresh, the appeal for the digital currency sector has never faded but has instead gradually strengthened.

The current scenario sees China entering the final phase of the digital renminbi implementation. If the operation were to go definitively to port then China would be the first large economy in the world capable of exploiting the principles of the blockchain to be able to create a state cryptocurrency.

Then there is another event that could represent a watershed in the history of digital currencies. Libra, Facebook's electronic money, is expected to be launched in spring 2020. Libra will be based on the blockchain but in its centralized form. This means that both for the Chinese digital currency and for the Facebook crypto, we are in the context of something different than Bitcoin. Indeed, BTC is a decentralized digital asset while the crypto cited are somehow produced by states, as in the case of Chinese crypto, or by companies, as in the case of Libra.

The state cryptocurrency phenomenon may be just beginning. According to some indiscretions, in fact, very soon it could be Japan to launch its digital yen which could see the light in two or three years. For now the project of a Japanese cryptocurrency is only a proposal, however it represents a concrete example of the development of coins based on private blockchains.

In practice we are witnessing the classic domino effect. The possibility of Facebook launching its own cryptocurrency has led to an acceleration of Chinese development projects. At the same time, the possibility that soon we could go towards a digital renminbi, pushed Japan to study the project to launch its own cryptocurrency.

The reasons that led to the Tokyo decision were summarized by the exponent of the Japanese ruling party, Akira Amari, according to which "Today we live in a stable world led by the dollar but how should we respond if this stability should fail and if would China's move kick off a battle for monetary supremacy? " In short, Japan is afraid of being subjected to the Chinese initiative and therefore reacts in the only way possible: creating its own cryptocurrency.

By the way, Tokyo is only the latest in a long list of countries that are ready to launch their own digital currencies. It should not be denied, in fact, that among the first nations to land in this segment, there was Venezuela which, as lovers of digital currencies will remember, launched Petro with the aim of being able to circumvent the sanctions and fight the galloping inflation. After Venezuela there was North Korea even if in this case nothing can be said at all about the project seen by the fame of the non-Korean regime. Russia and Iran have also considered launching their own cryptocurrencies.

What about the European Union? For now the EU is the big absentee but maybe something is about to move. There is in fact a draft document with which the ECB is invited to seriously consider the possibility of placing its digital currency on the market. In the law document that the European Central Bank should explore the opportunities to issue its cryptocurrency. The commitment, at least that, is there. The rest, i.e. the birth of a European Union cryptocurrency, is a story to be written.


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