No one can understand that the government from all over the world are trying to do away with the cash all of a sudden. It looks like that no matter where you live Kenya, Canada, South Africa or South Korea the big businesses and government only want to turn the banknote into the history museum exhibits.
The government claims that in present, we live in a digital age so, why does our money remain as painfully analog?
According to the government, cash has long since served its purpose. The agencies and mints whose job is to issue the coins and banknotes and police them it becomes difficult for them to pay in these currencies. Banknotes are also easier to steal without a trace and it can be forged easily which allow people to pay with more anonymity than police and regulators.
But for the cryptocurrency enthusiast, there is a big question in front of them which is: Is there a role for cryptocurrencies in the financial transition from bills to bytes?
Private sector interest
Alibaba’s Jack Ma, the international business moguls also thinks about it. Although some countries in the world have taken such a hard line on crypto and the chief of Alibaba said earlier in this month that “My job and that of Alibaba is to turn the world into a cashless society. It’s a society that would be equal, inclusive and transparent.”
He is also known for continuous calling Bitcoin a bubble. Ma has also placed deep faith in the blockchain technology powered solutions in his cashless quest and rubbing shoulders with crypto pioneers such as Justin Sun and operating blockchain division in the fintech giant, Ant Financial.
Mobile pay transaction in the country also hit the USD 12.8 trillion marks in between the time period from January and October 2017. The per capita ministry of the Industry and Information Technology the young Chinese consumers and the businesses patron says goodbye to cash.
Lots of businesses in the Chinese tourist hotspots like South Korea and Japan start accepting mobile crypto pay “mainly to cater to Chinese tourist” who rather do away with the annoyances such as exchange rates and money changers.
Land of rising token
In Japan, the necessity to turn away from cash has become paramount. In the country, the cash payments make up for a whopping 80%, despite the high-tech façade of the country. According to the Japanese Ministry of Economy, Trade, Industry and Nomura Research Institute, there are more than 96% of transactions which were already cashless in South Korea in the year 2016.
The Consultant of Japanese cryptocurrency, Takahashi Sato also told that “Japan has all the IT and infrastructure in place to cust 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 and so the conditions are much more perfect for the private sector crypto venture to supersede cash. All it would take is a gentle nudge in the right direction.”