There are many divided opinions on crypto-currencies and blockchain technology in general. However, some countries are more active than others. Whilst China can safely be called the hotspot of coin-mining and Switzerland’s Zug has made incredible steps towards legal integration of digital currencies, other countries have not remained uninterested. It’s commonly known that Japan is very open to new technologies, no matter how futuristic, complicated or weird they may seem. The same applies to crypto-currencies.
The Japanese are living in Abe-nomics, a financial quantitative easing program (Google is your friend) that is battling the ongoing currency deflation of the Japanese Yen with moderate success. This results in Japanese citizens basically losing money while saving it in their home currency. That explains why many of them turned their head to Ether and Bitcoin, whose values continue their climb. Also, Japan recently abolished taxes on Bitcoin investments, further encouraging their citizens to engage in this fascinating new market. They even seek to base the property market, government contracts and transaction history on the chain. This puts them opposite to China, which very recently made a bold statement against crypto when banning ICOs (Initial Coin Offerings). You could say the Japanese are in a real blockchain hype, when you hear that many stores even start to accept digital coins instead of their national currency.
We see both the tech-savvy population and the government engaging in and encouraging blockchain technology in Japan, again putting the country at the forefront of international technological development.
According to recent information, the Japanese have also taken a look into financial service opportunities that arise on the blockchain. ETHLend, a decentralized Ethereum based lending service, reported that the 3rd biggest interest group on their channels and applications is Japan, even though they have not yet targeted the market. ETHLend has also received partnership requests from Japanese start-ups. This marks the start for an increased development on the Japanese market.
This motivated and fascinating movement has evolved silently but is about to grow louder. Japan’s government, its citizens and numerous start-ups are a market to be remembered when talking about the future of blockchain.
Article written by Kersten Schütze, Head of Corporate Strategy, ETHLend