2019-12-28





The Tokyo Metropolitan Government announced its long-term strategic vision this week, and it has set a goal to become 50% cashless by the year 2025. This is higher than Japan's national target which is set at 40%. The city plans to issue its own digital currency next year, which it hopes will become a significant driver for adoption.

Tokyo's digital currency will be called "Tokyo Your Coin," and will be awarded to users who commute through public transportation and avoid plastic bag usage at retail stores in January and February 2020. The planned digital currency will be convertible into cash, or used to pay for public transit.

Japan's cashless ratio was 18% in 2015 compared to China, which claimed to be 76% cashless in 2017, according to a report released by their central bank. A statement released by the Tokyo Metropolitan Government cites, 'Promoting cashlessness is part of our strategy to become an international financial city.' The capital believes that if the reliance on a cash-based society remains too strong, the development of fintech in the city will suffer.

Source

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