Political push
President Shinzo Abe wants to make Japan cashless by 2025
Japan, the world's third largest economy operates mostly with cash with over 200000 ATMs.
It costs 18billion a year for maintaining the infrastructure and security behind infrastructure maintenance.
Objective to make at least 40% of payments in cashless.
Tax breaks and subsidies also offered for companies that get on board.
Economic push
The most important giants entering the market is a collaboration between MUFG and Akamai
To give the scale of proposal, the idea is to setup a Blockchain payment before the Olympics which surpasses VISA and Bitcoin transactions
The system could achieve 10million transactions per second , for perspective VISA does thousands of transactions per second and Bitcoin does around 7.
Test bed?
- Japan is to be the largest test bed of cryptocurrency market pretty soon.
challenges
security - Mt. Gox hit by hackers and around half a billion dollars stolen.
Japanese traders going overly crazy and hyper inflating the market.
Kudos!!!!!
Here is a picture of moon from my terrace which says things are normal