Japan to Launch New Digital Currency
Let the games begin. Japan’s set a deadline to launch its new electronic currency, J Coin: It should be up and running before the expected tourist influx for the 2020 Tokyo Olympics. J Coin, valued the same as the yen, is meant to facilitate smartphone payments and wean Japan off paper money, while avoiding the fees of debit and credit cards. Japan currently conducts 70 percent of transactions in cash, compared to an average of 30 percent in other developed countries. Regulators will unveil more details of J Coin in coming days.