Japanese Government Looking To Pay Wages Using Digital Currencies

The Japanese government plans to enact the payment of wages in digital currency in the national strategic special zone. This was made known via a report on the on the 22nd of January.

Plan To Implement Digital Currency For Wage Settlement And Trial

The plan to implement digital currency for wage settlement has made the government start studying how to implement it in the National Strategic Special Zone. This involves the goal of promoting cashlessness through relaxing the existing law that blocks cash and bank account transfer.
This process will involve a change of the status quo of the stipulated Japanese standard law. The law states that employer pay wages in cash and if there is a provincial, labor, and provincial order, bank transfer is allowed. The process of implementing the new wage settlement method saw the government lifting of the ban on digital currency as soon as possible at the SAR consultation meeting last month, and clamor is on for conclusion to be reached on it by coming spring.
Though the exact type of digital currency to be adopted for the innovation is not yet known, the process is expected to involve other payment settlement means apart from the ordinary electronic money stored in IC cards and smartphones. These are the ordinary electronic money stored in IC cards and smartphones among others.
Also, the settlement services of the “funding mobile enterprise” are being planned to be employed by the government. It is registered with the financial department as the basic object, and it provides the necessary conditions which include soundness of the business. This infers that the government might employ the service of blockchain based digital payment solution provider, which would be beneficial in eliminating any possible fraud and makes getting a job easier for foreigners in Japan.

Digital Settlement Popularity And The Government Improvement

The use of Digital settlement in the country has seen growth over time and is the driving factor for its implementation for wage settlement. This is expected to further receive a boost in usage due to a change in residency status, as foreign workers will increase. This will serve the foreigners in difficulty faced in holding an asset, the conduct of transaction and opening of bank account.
Government is making a further contribution to this by improving relevant systems through consultations with labor, economic groups, and the IT industry to make the system more efficient.

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