Hedge GuideA few media sources have reported that Yuriko Koike, the governor of Tokyo, announced a city-run demonstration for an original digital currency in Tokyo. Citizens will be able to use this for civil payment services at two locations in the metropolitan area as of March next year. Koike announced the above at a plenary session of the Tokyo metropolitan Assembly held on September 3.
According to the reports, the digital currency will be given in the form of points or equivalent value in yen to citizens who have completed activities that contribute to society. These include avoiding rush hour commutes or using eco bags for their groceries instead of asking for plastic shopping bags.
Designated machines are expected to be in place at stations or street markets around the city, and citizens can receive digital currency by placing the currency card on the machines. The system seems designed to encourage digital payments at physical, brick-and-mortar stores. Sources indicate that the digital currency plan aims to popularize cashless payment, as well as to promote the Sustainable Development Goals (SDGs) set by the United Nations.
A screening process is now underway, in which the city will consider experimental logistical demonstrations from private companies, intended to improve the implementation process. Selected trials will take place at both of the two locations in the city, and run for one month. Final details such as the name of the digital currency and the amount of each reward for societal contributions are undecided at this point. The expected budget for this experiment is around 100 million yen (nearly one million USD), reflecting a substantial government effort to encourage the digitalization of daily purchases.
It’s possible that, in the near future, Tokyo citizens will frequently use digital currency that is simply earned by responsible behavior.
[Related website] FISCOThis article was originally published on HEDGE GUIDE.
Translated by Zenbird Editorial Team.
