Currently, a whirlwind of speculation surrounds the crypto asset JasmyCoin (JASMY), colloquially referred to as the “bitcoin of Japan”, following a recent announcement from the Prime Minister's Office of Japan. It was yesterday technology/apple-add-japans-my-number-id-card-function-iphone-japan-official-2024-05-30/” target=”_blank” rel=”nofollow”>revealed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook had confirmed the integration of Japan's My Number Card feature into iPhones by next spring.
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The news has sparked a significant rally for JASMY, leading to a 20% increase in its market value in the last 24 hours, raising its market capitalization to $1.4 billion and ranking it as the 67th cryptocurrency. largest by market capitalization. The 24-hour trading volume of altcoins has also increased by 400% to $570 million.
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Although the My Number Card system, a personal identification system of the Japanese government, is not officially related to JasmyCoin, rumors have been circulating for a few months about a possible link. Although there is no formal confirmation, investors are apparently speculating about a link, influenced by the broader interpretation of Japan's digital strategy, which includes the promotion of Web3 technologies such as blockchain and IoT, domains in which JasmyCoin is an important actor.
JasmyCoin, founded in 2016 by former Sony executive Kazumasa Sato, aims to provide secure data storage and transactions for IoT devices. The cryptocurrency is rumored to be part of Japan's broader approach to integrating advanced technologies into everyday life, including the Metaverse and nfts. “Jasmy's mission is to facilitate the democratization of data through secure management and storage solutions, allowing people to maintain control over their personal information.
Speculation about JasmyCoin's involvement with the My Number Card system appears to be further fueled by an erroneous report shared on Binance Square, suggesting a direct integration of JASMY with the card functionality on iPhones. However, this claim has not been corroborated by any official source.
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The Japanese government has proposed the adoption of Web3 innovations as a strategy for economic growth, and the Prime Minister himself emphasized the importance of digital transformations in recent public speeches. The optimistic outlook for blockchain technology in Japan has been a boon for JasmyCoin as the government's digital policy indirectly benefits the cryptocurrency.
The recent surge in JASMY market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can drive major price movements. As things stand, while JasmyCoin is indirectly aligned with Japan's digital ambitions, direct partnerships or integrations with government projects like My Number Card have not been officially confirmed.
Since February 19, JASMY is up approximately 380%. However, the altcoin is still down over 91% from its all-time high of $0.35 in October 2021. At the time of publication, JASMY was trading at $0.03068.
Featured image created with DALL·E, chart from TradingView.com
