Tokyo to use its digital currency for aiming for a 50% cashless ratio by 2025

According to Coinpost, Tokyo will use its digital currency, Tokyo Your Coin, to fulfill the goal of Tokyo life. Accordingly, this goal is towards a cashless payment life, promoting the use of digital money as well as reducing future plastic waste.

tokyo-to-use-its-digital-currency-for-aiming-for-a-50-cashless-ratio-by-2025

Source: The Tokyo Metropolitan Government

The cashless trend in Tokyo will reach 50% by 2025

To increase the speed of cashless payment, to promote the cashless trend, The Tokyo Metropolitan Government stated as follows:

“In the long-term strategic vision, we have set a goal of increasing the rate of non-cash payments in Tokyo to 50% by 2025.”

As AZCoin News once mentioned, the Bank of Japan has published research reports on CBDC. Therefore, it is likely that they will also plan to issue their central bank digital currency. At the same time, take measures to bring the country’s largest consumer sector to a cashless environment.

The report also states:

“Specifically, from January to February 2020, we issue the point ‘Tokyo Your Coin.’ This is an award in conjunction with staggered commuting and reduction of shopping bags.”

Users can use Tokyo Your Coin for shopping and payment at many stores.

Japan will also increase the reduction of plastic waste

Regarding the reduction of plastic bags, on July 26, 2019, the Japanese government announced that it had to charge for plastic bags since July 2020. This is the goal of reducing plastic waste. Measures against global warming are also mentioned.

Every year, the number of plastic shopping bags in Japan is about 200,000 tons, equivalent to about 2% of plastic waste each year. Therefore, despite the efforts to implement measures to reduce plastic bag waste, the effect of avoiding direct environmental impacts is minimal. However, the primary purpose of the government is still changing perceptions of daily use of plastic bags and plastic waste.

Tokyo Your Coin is expected to be integrated into such a plastic reduction system.

Due to the increasing number of startups in Tokyo, Tokyo will also use digital currency for off-peak activities. However, they have not announced how to minimize the problem of hasty travel of people here.

The Tokyo city government will promote a cashless trend as part of its strategy to become an international financial city. Which, of course, includes the approach of digital currencies. Cashless growth is essential for FinTech’s development.

The idea behind the Tokyo Your Coin digital currency

The person behind the initiative to create the Tokyo Your Coin is Governor Yuriko Koike. He announced the project on September 3, 2019, in a speech about his position. He is also clarifying the idea of ​​issuing this currency experimentally.

Governor Koike defines non-cash as an essential growth strategy. This not only enhances the convenience for Tokyo residents and foreign tourists but also creates new services using more payment data. For those who have contributed to the promotion of SDGs, the sustainable development goals set by the United Nations, the government has issued a single digital currency for Tokyo that can be used for private payment services and have shown that it will lead to the expansion of cashless payments.

Disclaimer: This English translation is for reference purposes only. In the event of any discrepancy between this Japanese translation and this English translation, the original Japanese version will apply. We are not responsible for this translation or direct, indirect, or any other damages resulting from the translation.

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