Japan has unveiled a proposal for a 24/7 blockchain-based financial system aimed at reducing reliance on foreign payment networks and overseas stablecoin platforms. The initiative, approved by the ruling Liberal Democratic Party, seeks to modernize Japan's financial infrastructure through the "Next-generation AI & Onchain Finance Concept." This plan envisions a financial network that operates continuously, utilizing stablecoins and automated digital services to handle payments, lending, and trade settlements with minimal human intervention.
The proposal emphasizes the use of blockchain technology to verify transactions instantly, thereby reducing delays in financial activities. It also highlights the potential for smart systems, such as refrigerators that automatically order groceries and digital agents that manage international purchases, to streamline everyday transactions. Central to the strategy are stablecoins and tokenized bank deposits, with policymakers advocating for bank-issued stablecoins and blockchain-based securities settlements to decrease Japan's dependence on foreign-controlled digital payment systems.
Japan Proposes 24/7 Blockchain Finance System to Reduce Foreign Dependency
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