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Japan’s demand around cryptocurrencies: Blockchain Technology on the run!

Simran Alphonso

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Japan's economic revolution: Blockchain Technology on the run!
Source: Pixabay

At the Japan Blockchain Conference in Tokyo this week, the Chief Executive of financial services giant SBI Holdings Yoshitaka Kitao said he is wagering that blockchain related innovations will fuel the blast for the Japanese economy after the years of economic imbalance.

There’s long been a strange disconnect between the state of Japan as a rich country already living in the future, and the description of its economic malaise, with decades of lost growth and absent inflation.

In the 1970s, Japan had the world’s second-largest GDP after the U.S. and this boom continued through to the 1980s. However, by the early 1990s, Japan’s economy had stalled, plunging the country into what has been called the “lost decade” of growth.

Enhanced versatile network through the anticipated 5G innovation, alongside the Internet of Things [IoT], quick increments in registering power, and man-made consciousness [AI], could consolidate to trigger a financial blast, in which Japan is very much put to lead the way.

Japan’s SBI Holdings-owned crypto exchange called SBI Virtual Currencies recently launched a new service – VCTRADE. The service, as well as the exchange itself, came after many delays and various difficulties. Irrespective of which, SBI is putting resources into organizations in Japan and crosswise over East Asia through its $460 million alleged AI and Blockchain Fund.

Kitao, CFO, of SBI stated:

 “There’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses.”

Recently, Japan’s Strategic Business Innovator Group also known as the SBI Group had unveiled its new plans for its newly launched cryptocurrency exchange. The company intended to kickstart the best cryptocurrency service for the country.

SBI Virtual Currencies, the cryptographic money trade subsidiary of one of Japan’s biggest monetary administrations gatherings, has reported the listing of Bitcoin, Ripple, and Bitcoin Cash.



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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

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