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What is JCoin? JCOIN review 2023

The JCoin project is in the early stages, and the consortium of banks estimates that the adoption of a new digital currency could add ¥10 billion ($90 million; £67 million) to the economy..

Stablecoins are more useful than more-volatile cryptocurrencies for traders or investors who need to “hold value” in a digital asset without the volatile price swings of cryptocurrency.

Stablecoins are also suitable for nearly instant cross-border transactions and don’t depend on banks and governments.

In their bid to embrace a cashless or electronics payment system, Japan’s Mizuho Financial Group along with sixty other banking organizations have together launched a digital wallet known as the J Coin Pay.

In simple terms, J Coin Pay enables people to scan a unique QR code and make payments to any other individual across the nation.

But, despite its crypto name, J Coin Pay isn’t actually a cryptocurrency.

What is JCoin (JCOIN)?

JCoin is a digital currency being developed by a consortium of Japanese banks, including Mizuho Financial Group and Japan Post Bank.

According to a Mizuho spokesperson, J-Coin doesn’t use cryptocurrency or blockchain in any form.

  • It is a virtual currency that is pegged to the yen and users can spend it through a mobile app.
  • The JCoin exchanged at a one-to-one rate with yen.
  • The project has the support of Japan’s central bank and regulators.
  • The JCoin is envisioned as an answer to Apple Pay and Alipay.
  • J Coin Pay is a unique digital wallet.
  • The wallet app allows users to send, pay or receive payments to any other individual in the country.
  • Thus, J Coin Pay enables users to put funds into their wallets via their banking accounts and send or pay desired amount to any other person that they intend to.
  • The entire process of transferring funds is fairly quick and can be conveniently carried out by adding the contact number of the receiver.
  • Alternatively, users can also scan a QR code to send or pay money.

JCoin is not the only digital currency that Japan has embraced.

Japan has been promoting Web3, DAOs, and NFTs, and it is getting easier for Japanese exchanges to list tokens.

  • The Japanese government wants to bring yen-based stablecoins into the global crypto trading system and to increase the global usage of the JPY.
  • The Japanese government has also been promoting Japanese cultural products and technologies globally through the “Cool Japan” initiative, which aims to increase the country’s cultural exports.
  • The initiative is not directly related to Web3, but Prime Minister Fumio Kishida is putting forth an effort to increase Japan’s adoption of it.

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