Tokyo metropolitan govt. seeks to deregulate the former labour standard act in Japan which has respected the “salaries in cash” principle for over 60yrs now. The Japan labor ministry did not pretend to be conducive with this idea, as confusion set itself amongst them.
Withdrawing money from the bank seems to be a very tedious task these days – said, one of the proposers. The proposal by the Tokyo metropolitan govt seeks to promote the cashless economy concept in the global industry.
However, many people limited the cashless economic system to just, using the POS(proof of payment) machine for payment only, not knowing that there is a bigger technology behind the whole system, and that is CRYPTOCURRENCY.
On Feb. 14th, the Japan govt proposed a new method for salary payments onto smartphones equipped with a prepaid card function, in selected parts of the country. This whole idea intends the reduce the stress undergone by foreign workers while trying to open a bank account.
As usual, it is not easy to implement something new in a country, that is the main reason why the Japan Govt. is confused about the whole situation. Now it’s time to share your thoughts with us below, in the comment box, What do you think would happen if Japan successfully implement this new regulation in the country?