Tokyo Wants 50% Of The Transactions To Be Made Via Its Stablecoin By 2025

The new stablecoin introduced in Japan could be one of the world’s most ambitious yet – after the city authorities in Tokyo revealed plans to ensure that 50% of all payments made in the capital are made using the token by year 2025. Tokyo wants its large range of infrastructure to support this move and is looking to roll out the new token in pilot zones possibly in as early as January or February next year.

According to reports from Nikkei which are now in the altcoin news and rumors, the city of Tokyo wants to target overseas travelers during the forthcoming Tokyo Olympics which will be held in the city in summer next year. The authorities say that they will look to offer stablecoin payouts to companies and citizens who contribute to environmentally friendly activities and programs.

In the reports, we can also see that companies and individuals involved in staggered work hours or smart commuting projects could receive payouts, for example, just like stores which cut down on plastic bags.
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Japan has been waging a war on cash lately. While Tokyo wants massive stablecoin use by 2025, the third largest economy (Japan) still has “four out of five purchases are still made with cash in Japan” as recently as last month.

The central government is now committed to digitizing around 40% of all monetary transactions by 2025 but Tokyo wants to go a step further with the new stablecoin. Named Tokyo YUA Coin, it could be used to replace existing forms of cashless payment in the capital and may be used on a pilot basis on a number of transport lines.

Meanwhile, South Korea’s Seoul two-tiered policy on blockchain and crypto-related matters has been in the latest cryptocurrencies news before this. It resulted in exponential growth of a particular kind of stablecoin – local authority-run ventures which are pegged to the Korean won and aimed at boosting small business. Many local authorities noted that they have been overwhelmed by the initial responses.

At press time, the cryptocurrency market is stable at $193 billion and Bitcoin (BTC) is trading at $7,331. With a market that is stable and greens all over it, regulatory moves and stablecoin use are definitely topics which may become part of our reality soon.