We read it all before that, China is leading the CBDC game and that other nations, need to pick up pace on their strategy for an official digital currency. In general it would be fair to say that, more than a few nations seem to be of the opinion that, China should not be allowed to dominate the CBDC scene.
The Japanese have come up with an official opinion and strategy that, blows like a breath of fresh air. Kazushige Kamiyama Japan’s Central Bank expert, working on the nation’s approach and strategy for the Digital Yen (Japanese CBDC) revealed some very interesting observations. We will come to details in a moment but the essence was that, Japan cannot jump on to China’s idea without, being very sure of what was being done (relating to the CBDC) and why.
The general opinion is that, digital currency is the future and that conventional money, would soon run out of its days. Kazushige Kamiyama clearly explained that, the Digital Yen would be an addition to existing offerings related to money and online payment options. This obviously meant that Japan was not looking to move its CBDC instead, of its existing fiat currency. This is a big variation from the global opinion that, paper money would be losing significance.
The Japanese expert hinted that the Digital Yen if it does happen, will not be a project that is limited to the government. He made his intentions clear that, the private sector including fintech companies, would be roped in. This in his opinion, would be required to increase accessibility of the Japanese CBDC.
One aspect about the Japanese plan for a Digitial Yen according to Kazushige Kamiyama, was the people – the people of Japan. In his opinion, any government move for a CBDC would, be influenced by the way in which the Japanese people responded to it.
Glitzkoin Russian business advisor Mikhail Koslov, had something to say about this, in his opinion, ‘… while the Japanese expert revealed, one of the most interesting and admirable CBDC plans that, I have come across …. my thought is that, governments have a role to play in educating people. The concept of digital currency needs to be explained in detail … laws and regulations to make transactions secure and safer need to be implemented. This is just as important as gaining public support for an official digitized currency’.
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]