Tokyo Stablecoin To Be Used In 50% Of Transactions By 2025

The new Tokyo stablecoin is one of the most daring projects in the world owing to the declaration of the authorities that they want to achieve by 2025 50% of all of the payments to be made using the cryptocurrency so let’s see more about it in the latest altcoin news today.

Per Nikkei, the city is counting on the favorable conditions already present in the city, the already present infrastructure of large range, and is also aiming to emit the new Tokyo stablecoin token in pilot zones as early as January or February of 2020. The city-state that its goal is to catch foreign tourists during the upcoming Tokyo Olympics which is scheduled to happen in Tokyo in the summer of 2020.

Authorities also want to give stablecoin payouts to companies but also to citizens who will contribute to pro environmentally activities and programs. Companies and citizens implicated in many work hours or smart commuting projects can receive payouts, and also stores that cut down on plastic bags can profit from this policy.

As of recent Japan is waging war on cash. While Japan has the world’s third-biggest economy the Japan Times reported that “four out of five purchases are still made with cash in Japan” as the data shows from the last month. The government of Japan has vowed to digitize 40% of all monetary transactions by 2025, yet Tokyo is aiming to go even further with the new stablecoin.

The cryptocurrency stablecoin is named Tokyo YUA Coin and it can be used to substitute already existing forms of cashless payment in Tokyo, also it could be utilized on a pilot basis on more than a few transport lines.

In the meantime as well known in South Korea, the confusing and reverse direction policy of Seoul on the subject of blockchain and cryptocurrency has resulted in the exponential growth of a well-known type of stablecoin, ventures run by local authorities, pegged to the Korean won with the aim of helping small business to grow.  Many of the local authorities say that they are swamped by the first responses from the local community that supports crypto.