Bitcoin Global News (BGN)
September 25, 2018 -- ADVFN Crypto NewsWire -- WeChat is
already taking China by storm with its widely used payment
ecosystem.
Now, SBI Holdings, a Japanese
company, is looking to follow suit in Japan, with their native
Cryptocurrency called “Scoin.” According to an article by
Cointelegraph that was released yesterday as well as a press
release by SBI, the company is now ready to pilot its native
currency for retail purchases.
The key intended usage of Scoin
will be for customers to use it as a payment method in shops, at
scale. Beyond this, the company has also stated that it intends the
coin to function as a method of settlement.
Overall, the idea of a
Cryptocurrency facilitating payments and settlements at the same
time is nothing new. Not only is this what traditional currencies
already do today, it is simply a statement of what every currency
needs to do. On a basic level, at any time, a customer buys a
product and a company needs to pay its suppliers, or vice versa,
often all at once.
Just because SBI is not developing
a novel usage for its Crypto coin, does not mean that its project
will fail. Securing the right partners that can actually put a
Cryptocurrency into real-time usage almost immediately, just might
be the biggest problem facing the industry today.
If SBI can solve this, then
perhaps, they will be the one to lead at least one country towards
being cashless, as they seem to have the goal of doing.
As of now, the downside of this
project is that not only is it in a pilot stage, SBI also believes
that it can prove a need for its product through running this pilot
with only employees.
Given that they are also working
with Ripple in a way that is apparently much bigger than what they
currently plan for Scoin, it can be concluded that the company’s
true aim for the future is yet unclear.
Until Scoin truly goes live,
everything will mostly remain that way.
By: BGN Editorial Staff
News:
SBI
Holdings
SCOIN
Cryptocurrency
WeChat