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