Skip to main content

Japan’s big banks plan digital currency launch

xxx

A consortium of banks, led by Mizuho Financial Group and Japan Post Bank, has won support from the country’s central bank and financial regulator to launch the J Coin, an electronic currency to pay for goods and transfer money using smartphones.

From Japan’s big banks plan digital currency launch

A better name might have been J-PESA (or perhaps even J-Dex) but no matter. The point is that a couple of weeks ago I gave a speech to a group of payments people saying that why I thought central bank digital currencies were unlikely (because of the impact on commercial banks) and that a central bank digital currency managed by commercial banks was more likely.

(I joked, of course, that we’d done that two decades ago with Mondex.)

Comments

Post a Comment

Popular posts from this blog

We could fix mobile security, you know. We don't, but we could

Earlier in the week I blogged about mobile banking security , and I said that in design terms it is best to assume that the internet is in the hands of your enemies. In case you think I was exaggerating… The thieves also provided “free” wireless connections in public places to secretly mine users’ personal information. From Gone in minutes: Chinese cybertheft gangs mine smartphones for bank card data | South China Morning Post Personally, I always use an SSL VPN when connected by wifi (even at home!) but I doubt that most people would ever go to this trouble or take the time to configure a VPN and such like. Anyway, the point is that the internet isn’t secure. And actually SMS isn’t much better, which is why it shouldn’t really be used for securing anything as important as home banking. The report also described how gangs stole mobile security codes – which banks automatically send to card holders’ registered mobile phones to verify online transactions – by using either a Trojan...
Post a Comment
Read more