Japan moves toward a cashless society

well Japan is known for being at the cutting edge of technology and this time they may go one step further and drop cash for cryptocurrency Japanese Prime Minister Shinzo Albie has a plan to make 40 percent of payments in the country cashless by 2025 and there's added pressure to prepare for the influx of cash those payments ahead of next year's Olympics in Tokyo however crypto investors remember the hack of a Tokyo based Bitcoin platform where hackers made off with 450 million dollars for more we go to investigative journalist tab in Aswan Ben thanks for joining us hey Scottie okay so the claim is that in advance of the 2020 Olympics in Japan the country may adopt a blockchain technology for payment processing but isn't a Bitcoin too slow is this a little ambitious well it is ambitious first of all and yes you're right Bitcoin is too slow at this point you know it takes way too long to process the transaction there's a lot of discussion about how to make it faster but the truth is you don't have to make Bitcoin faster because Bitcoin even though it's the largest cryptocurrency especially in terms of market cap and and price is not the most technologically advanced cryptocurrency and so there's already existing cryptos like – and smart cash that both use a system called instant pay which is actually faster right now than Visa or MasterCard when you use those processes in order to make transactions so the technology is already there I think that a lot of the writers and journalists who write about this automatically assume that bitcoin is the crypto that would be used doesn't have to be the technology is far beyond just that one space well it's interesting you bring it up because honestly when I think of cryptocurrency like you said Bitcoin kind of is the name it's kind of like the apple of technology it's the first thing the branding comes to it in fact I think people know Bitcoin and not necessarily this idea of cryptocurrency why is it is it because they were the first ones out there to kind of get their name or is it just a really good PR campaign no no it's it's it's simply because when when Satoshi wrote this white paper originally for the idea of cryptocurrency and right based on the blockchain Bitcoin was the first manifestation of that in terms of a currency and so because it was first and it's still the largest that's where people associate but again the technology behind Bitcoin itself and that's why there have been so many offshoots is antiquated in comparison to where a lot of these crypto goes so I think the chance that the Japanese would actually be using Bitcoin is pretty limited what may come of it is their own entirely new cryptocurrency or they might adopt just technology from some of as I said some of the existing ones that are out there well that's interesting because a number of big blockchain companies are betting on Japan as this testing ground for a cashless society how will that work is this at you know it's hard for us we've now kind of changed over to where our iPhone we have Apple pay we don't even care cash anyways but in this case it's a little bit different how does it work so look there's there's a lot of people who when you say cash lists get scared right and there are people who are like oh my gosh that's a terrible idea because cash is the only safe thing that keeps government from being involved that's that's simply not true so the way it works especially with cryptocurrency and what's important about this is that it is a bank less system meaning you don't have to transact through a bank you don't have to transact through a third party whether it be a a Visa or a MasterCard or you know a Wells Fargo and instead you have those options as well as peer-to-peer transactions that can take place so you and I can trade cryptocurrency and there's no third party involved and it can be done anonymously and or it can be done you know in a way that makes it public so there's a lot of variation here cashless simply means that you don't have to have a currency that's printed by some government or by some Federal Reserve Bank someplace denoted as a currency which gives a lot more freedom and how this whole thing would play out well that's the thing you mentioned there will be no banks on a Visa MasterCard we know what a big role that they play especially even in the government how is how are they reacting to this surge in the popularity of cryptocurrency which I imagine there was hoping was going to go away the day after it got started are there any push backs are they doing anything to try to get into the game of this oh they're absolutely getting into the game of at Bank of America right now holds 41 blockchain patents some people say well they're creating they're buying up those patents in order to protect themselves against the technology others say they're buying up those patents in order to utilize the technology there are a lot of banks that are moving into this space you know JP Morgan and their CEO Jamie Dimon he hates cryptocurrency he says but JP Morgan is in the process of buying up blockchain technology and moving in that direction so there there is a a public face that says we don't like this thing it's a negative but I think that that those banks recognize that this is where the future is headed and they're trying to get out in front of it eventually what they would love to do is create one set of cryptocurrency that has to flow through them which is why I'm such an advocate for decentralized currencies that don't rely on one authority figure to control it was obvious that you are such an advocate for some of these currencies so I have to ask you what are the biggest pitfalls when talking about this obviously people have a lot of hesitancy I'll admit it I have a lot of hesitancy when it comes to and a lot of it's from just not knowing all of the details behind it so what are some of the biggest pitfalls that you're having to answer for when people ask you why you're such an advocate for some of these lines it's a great question so a couple things first of all one of the big pitfalls is that if you get into this space and you don't understand the technology surrounding it it's easy for someone to trick you to take your your crypto from you to hack your wallets so there's there are steps that people have to take in order to protect themselves and there's definitely a learning curve for most people on what that looks like the other thing is most of this crypto now is linked to smartphones and and that can create huge security problems or protecting your crypto because it's easy to get hacked that way and people to get into it so so I'd say that's a big pitfall the other thing is there's a lot of debate right now between in within the crypto community about where it goes from here does it become a centralized currency or is does it remain decentralized and there's people on both sides advocating for both I think as long as we keep a lot of decentralization in this space not entirely necessarily but you've got to keep at least a large portion of a decentralized meaning there's no one figurehead on top and and you have the developers and the users have a huge role in how the economies work and where the tokens go and how they're controlled I think that is a great example of how capitalism true capitalism can actually work how a true free market can work but the pitfall there is there's always bad players and there are always people who are there to take advantage and we have to fight against that well it's interesting I'd like I said this is something that I thought possibly it was not going to last longer than a year and it's obviously continue to gain steam and more people trying to put more safeguards on it to make sure people feel comfortable using this as their main type of currency thank you so much for going into this with us Ben thanks Connie hey YouTube thanks for checking out our channel we hope you enjoyed the video we have tons of concept for you just like this for more of RT America's one-of-a-kind news and analysis be sure to subscribe and never stop questioning more

30 thoughts on “Japan moves toward a cashless society”

  1. Highly unlikely, Japan is a cash based society and has been for many generations. No sur-charges, No tracking and No banks to worry about. 'Cashless' technology in Japan is for the convenience of tourist and another source of revenue for Japanese companies. Many places still do not accept credit cards…lol They use 'suica' cards for vending machines, 7-11 stores and transit, which is like a US debit card you load cash on and is registered in your name for convenience.

  2. The Zionist agenda to make fiat currency worthless. Good job Shinzo Abe, for your service to destroying your own country for the interests of the globalist leaders.

  3. Inez Qtaish say to all people around the world in ALL nations including the entire united states America, inez Qtaish ask to be rewarded been due , inez Qtaish have lived without income for almost seven years so people change is here, give me my mother fucking money so I can take care of God believers.

  4. A money-free society is only possible if we advance both psychiclly and technologically that our means of survival can be completely taken care of without any need of currency. There is still plenty of work but more sophisticatedly done e.g. we predict illness and accidents and forewarn people so emergencies are largely reduced instead of busy 9-1-1 calls for ambulance, firefighters or police

  5. Anonymously? You are full of shit! Bitcoin follows bank secrecy act!
    Beast system possibly but not bitcoin=667
    united=6 states=6 dollar=6==666
    Fedcoin, Americoin, Ripple could be the next roth currency. If everyone says NO to their cryptocurrency, and it is not accepted, it will have no intrinsic value.

  6. Part of the agenda 21, agenda 30, agenda 63, no Freedom China's already established this! they will be controlled by their government until it's taken over by a UN one world order

  7. If gov and nations and central banks move into cryptos . That kills the incentive of cryptos being decentralized . Like I said this shit was coming and only sheeple will regret going into cryptos .

  8. Lol this guy said smart cash. Please. Litecoin, dash, nano, Digibyte. And a few privacy coins.. monero/cloak/pivx and your good

  9. All cashless societies are vulnerable too hacking let's just put everything on the computer history cash so all information can be wiped out at once, it's also easier to rewrite history

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