The crypto venture cash in on Gov’t cashless decision
The government from all over the world want to do away with out cash all of a sudden. It seems that no matter where you live such as South Korea, Canada, Kenya, and South Africa, the government and the big businesses want to turn the banknotes into history museum exhibits.
According to the government, cash has long since served its purpose by paying with the banknotes and coins. It is usually expensive for the agencies and mints whose job is to issue and police them. Banknotes are also easy to steal without a trace and it can be forged relatively easy and allow people to pay with more anonymity that police and regulators would like.
The international business moguls such as Alibaba’s Jack Ma usually think so and although few countries in the world have taken such a hard line on the crypto as the Ma’s native China and the Alibaba’s chief earlier this month by saying that, “My job and that of Alibaba – is to turn the world into a cashless society. It’s a society that would be equal, sustainable, transparent and inclusive.”
Ma has the faith in blockchain technology powered solutions in his cashless quest by investing in the startups, rubbing shoulders such as the Tron’s Justin Sun operate the divisions in the blockchain in the fintech giant. Ma is popularly known for the repeatedly calling Bitcoin as “a bubble.”
The mobile pay extends beyond the conventional finance and many businesses in Chinese tourist hotspots like South Korea and Japan start mobile crypto pay “mainly to cater to Chinese tourists” who can do away with annoyance alike money changers and the exchange rates.
In a detailed series on the role of crypto in the cashless society, some authors also explored the role of biotin in the near future as an alternate for a centralized banking system that could potentially malicious regime to ‘confiscate the private assets of the individual citizen.’
Takahashi Sato, the Japanese cryptocurrency consultant also explained that “Japan has all their IT and infrastructure in place to cut out cash relatively quickly and the central bank seems to have no interest in developing a digital fiat. The government is relative pro-cryptocurrency here –so the conditions are perfect for the private sector crypto venture to supersede cash. All it’s take is a gentle nudge in the right direction.”
In addition to this, the Tokyokeizai also suggest that the crypto pay is already in its advanced stages in Japan where it could provide a way for the country to make transitions away from the cash. Thus, it is generally very cheap in term of cost and it also allows people to use different kinds of payment options for ease and comfort.
He also pointed out that the financial and IT companies in Japan are chomping at the bit in anticipation of crypto pay as an alternative of the cash. the E-commerce giant Rakuten and South Korean – Japanese chat app Line also keen to issue tokens and several pay platforms of their own.