50% Of Tokyo Transactions In Stablecoin Scheduled For 2025

The new stablecoin introduced in Tokyo Japan has all chances to become one of the most go-ahead in the world. Tokyo authorities have recently stated that they want 50% of all transactions made in stablecoin cryptocurrencies by 2025.

According to Nikkei, the city has a well-developed infrastructure and plans to launch the token in pilot zones in January or February 2020.

The city plans to target foreign tourists who will arrive to the country to see Tokyo Olympics which will take place in summer 2020.

The city authorities also plan to conduct stablecoin payments to companies and citizens who will take part in environmentally friendly events and programs. Stores cutting down on plastic bags, organizations and individuials taking part in staggered work hours or smart commuting projects can also benefit from this policy.

Stablecoins Future in Tokyo and all Japan

As of recent Japan is known to combat cash. Last month the Japan Times stated that ”four out of five purchases are still made with cash” in the country, although Japan is considered to have the third largest economy in the world.

The central government has planned to make 40% of all transactions digital by 2025, but Tokyo has even more ambitious plans with the stablecoin.

The coin, dubbed Tokyo YUA Coin, can substitute all existing forms of cashless payment in the city and used on a pilot basis on transport lines.

In the meantime, according to the reports, in South Korea, Seoul’s complicated two-level policy on blockchain and cryptocurrency has propagated the exponential growth of a quite specific type of stablecoin, ran by local governments, secured to Korean won and destined to uplift small business. The local governments were deeply impressed with the initial success.