Blockchain and Cryptocurrency- The resurrection of Japan’s Economy

Japan’s economy is about to reverberate once again due to blockchain technology, bitcoin, and cryptocurrency.

During the first annual Japanese Blockchain Conference in Tokyo, Yoshitaka Kitao, CEO of Japan’s financial giant, SBI Holdings, Inc., expressed his conviction in blockchain technology and its progressive impact on Japan’s economy; to get back on track and regain the global position which the country used to enjoy back in the 1980’s.

“We want to take blockchain beyond financial.There’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses,” said Yoshitaka Kitao.

Japan had the second largest GDP in the world (after the US) from the mid – 1970’s through the 1980’s. In the 1990’s things changed and the country fell into an economic nosedive, becoming devalued, and which became known as the “lost decade” in Japan.

Kitao, the existing partner of Ripple and strong supporter of digital currency in Asia, reckons the act of timely and speedy adoption of cryptocurrency and blockchain technology is a good move and considers this the next boom for the country’s economic strength.

A business article on Wednesday speculated that a combination of 5G technology, the Internet of Things (IoT), rapid increases in computing power and artificial intelligence could trigger an economic boom in the technology sector in which a well placed Japan could benefit greatly. During the early phase of this year, SBI Holdings have secured a fund of $460 million to invest in AI & Blockchain technology in Japan and across east Asia hoping to capitalize on the prospective boom.

As co-owners and operators of SBI – Ripple Asia has been dedicated to exploring the use of Ripple’s blockchain to refine international bank transfers.

Earlier this month SBI also launched its own cryptocurrency exchange VCTRADE which is focusing on trading XRP, the native token of the San Francisco based company, wherein users are free from bearing any charge on transaction fees.

We can see there are some changes on the cards but no official date has been declared regarding the plans to add support for Bitcoin and Bitcoin Cash or to include fees for withdrawing yen.

The company has also reportedly invested in a renewable energy wind farm to mine Bitcoin Cash which, has the utility potential that Bitcoin lacks. Kitao said, “Bitcoin is too expensive and people are just holding it and hoping it increase in value soon.”

The Japanese government is also playing a pivotal role by aggressively assisting blockchain companies and making the grounds for rational and tractable legislation and regulation.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin7,653.62 0.19 % 3.32 % 5.53 %
Ethereum242.93 0.18 % 5.29 % 6.38 %
XRP0.375 0.14 % 6.42 % 16.93 %
Litecoin87.28 0.18 % 4.35 % 13.78 %
Bitcoin Cash389.94 0.09 % 6.16 % 6.48 %