tech

Japan prepares for digital currency, in line with China and others

20 Comments
By Takuya Okamoto

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This is going to put a completely new spin on the saying, "No money, no honey."

0 ( +0 / -0 )

Anti money laundering is why Americans must do the FBAR yearly for accounts they hold overses. If they do not do it, the account can be confiscated...even here in Japan by the US State Department, not the IRS.

You can back file as an American if you never filed.

-1 ( +0 / -1 )

CBDC are being created to avoid using the Dollar for large international money transfers.

Would you care to elaborate? China has had a SWIFT alternative for international transfer since 2015 (CIPS). But it's much, much less smaller in total transaction in CNY than USD through SWIFT.

Wouldn't introducing yet another currency dilute the power of CIPS CNY even more?

Personally, I think the CCP is always about control, they have strict controls over the export of money to destinations outside China, but their control is regularly circumvented, hence they need a currency that they can trace with more granularity. Same with other central banks, it's all about anti-money-laundering.

1 ( +1 / -0 )

@bvd:

I did not ask you in particular.

Based on an assumption which probably negates my perception of what I felt the majority of the religious background of commentators here were christians, I should refrain from making assumptions.

Walking around money is a given and most of my friends do the same. Were you around during the last few major quakes and see the havoc brought on by lack of electricity? I was able to go to a mom and pop and lay down a nice wad of Yen and we used a https://en.m.wikipedia.org/wiki/Soroban Soroban to keep tabs. They were extremely expressive in their appreciation.

I do not know what a “Dosh” is. Is it heavy?

I read the rules on posting here, and perhaps that is a rare event for most, but I read all manuals as well. I think the Editors and moderators might perceive you as a troll. Quit harassing me. Thank you. If you continue to, I will look up the editor/moderator and report you. Stop the ridiculous nonsense.
-2 ( +0 / -2 )

SandyBeachHeavenDec. 27  07:49 pm JST

Am not a christian and did not make any pledges. Just do what is right and civilized.

Just a moment...a week ago you were asking me to do myChristian part and take care of the homeless...

I think you should follow through with the claims about paying for and distributing masks and onigiri to those in need, especially with all that ‘walking around money’ in your pocket. This seems only fair when you stress how much dosh you carry on your person when you leave your abode.

Dec. 22  09:25 pm JST Posted in: U.S. Congress approves $892 billion COVID-19 relief package  See in context

Do your Christian part and take care of the homeless where ever you may reside.

-1 ( +0 / -1 )

Why not buy Bitcoin or Ethereum and get a possible return on your investment?

Government issued currencies hold zero appeal for me.

-1 ( +0 / -1 )

China created their Digutal Yuan because of USA sanctions and Dollar control of SWIFT (international transfers between currencies). And the Digital Yuan is tied to the Yuan so they are 1:1 equal. CBDC has nothing to do with credit cards, making payments with your phone, or replacing SUICA cards. CBDC are being created to avoid using the Dollar for large international money transfers.

1 ( +2 / -1 )

Japan is doing slow development In Technology and Science. Digital pay is going to be late launch in Japan. Otherwise, why Sony is failed in making better smartphone like Chinese player doing better. Sony stopped copying design and then modified them. Also custom OS (skins) based on Android is failed in developing in Japan.

1 ( +1 / -0 )

Am not a christian and did not make any pledges. Just do what is right and civilized.

-2 ( +0 / -2 )

Now I understand how the Japanese government is going to pay for all the huge money it's lobbing out. They're not even going to print it, it's just a number on a spreadsheet. What this is going to do to inflation, I don't know.

3 ( +3 / -0 )

I'd be very careful of these kinds of things. A government could literally just delete your savings and you might not be able to do anything about it. It's more likely to happen in China than anywhere but obviously it's a cautionary tale

3 ( +3 / -0 )

I carry ... ¥150,000 minimum with me at all times.

That’s more than enough to buy thousands of masks and onigiri for the homeless!

I do hope you’re maintaining your Christian pledge!

0 ( +1 / -1 )

digital currencies are expected to provide retailers commission-free payment systems

Well, at the start they will in order to generate enough acceptance of the system. But eventually the government will start nicking every transaction (beyond the sales taxes, consumption taxes or VAT taxes) to pay for the infrastructure of the system. Currently, private banking companies do that with credit cards - taking 3% or so of every transaction. A Central Bank digital currency will put the government's payment system in competition with the private banks' payment system (and the major credit card companies.) I can't speak to authoritarian regimes like China and Cambodia, but in Western lands I cannot imagine any government-run payment system ever being as reliable, efficient, and low-cost as one where there is competition to keep costs down and service high.

1 ( +2 / -1 )

¥50,000 max? Is this a joke?

I carry four credit cards and ¥150,000 minimum with me at all times.

-2 ( +1 / -3 )

A friend's father who was a very successful merchant banker has bank accounts in many tax jurisdictions but mostly for the purpose of tax avoidance. Last year, he had a stroke and cannot remember much about anything, let alone where all his millions are hidden.

His familiy's lawyers have been battling both banks an governments in obtaining his bank details. They've only had meager success.

Both government and the finance sector want to take control of your finances, and digitalisation is a huge step to this end.

8 ( +8 / -0 )

It’s still not legal in a certain sense and also a problem of acceptance throughout the vast established variety, that no one can still overlook. Real valid money are only the officially issued notes and coins, anything else is no money, although luckily and sometimes widely accepted in form of cashless card accounts, points, bonus or light points and the like. But you neither cannot demand payments as a business entity nor insist on paying with all that virtual toy money as a customer. You are only very lucky if those temporarily correspond and are accepted as a money replacement by both sides of any single business act or deal.

1 ( +2 / -1 )

Interesting banks wanting to get involved still have concerns for their old business model. How can you embrace the new while still holding onto the old ways. This seems to be a major dilemma in Japan.

Digital currencies give us freedom from banks until we need to borrow, that is what they are, money lenders. If they need capital to lend then maybe we should look at innovative ways to fund lending instead of limiting use ability for the currency holders. As for credit companies, I for one won’t bemoan their loss of revenue from the reduction in transaction fees, that digital currencies offer.

0 ( +0 / -0 )

As if our lives aren't compromised by tech enough already! But hey bring it on, as long as deposit taking institutions are willing to reimburse depositors and creditors for any loss due to hacking and other nefarious activities.

2 ( +2 / -0 )

Good idea. Ecologically sound. It will save a ton of money on printing ink. (sarcasm)

1 ( +1 / -0 )

really? Fascinating.

0 ( +2 / -2 )

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