A whirlwind of speculation is currently surrounding the crypto asset JasmyCoin (JASMY), colloquially termed the “Bitcoin of Japan,” following a recent announcement from the Prime Minister’s Office of Japan. Yesterday, it was disclosed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook had confirmed the combination of Japan’s My Number Card function into iPhones by next spring.
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The news has sparked a big rally for JASMY, resulting in a 20% increase in its market value throughout the last 24 hours, pushing its market capitalization to $1.4 billion and rating it the 67th largest cryptocurrency by market cap. The altcoins’ 24-hour trading volume has also surged by 400% to $570 million.
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While the My Number Card system—a private identification framework by the Japanese government—will not be officially related to JasmyCoin, rumors have circulated regarding a possible linkage for a couple of months. Despite no formal confirmation, investors are seemingly speculating on a linkage, influenced by the broader interpretation of Japan’s digital strategy, which incorporates fostering Web3 technologies like blockchain and IoT, domains where JasmyCoin is a big player.
JasmyCoin, established in 2016 by former Sony executive Kazumasa Sato, goals to offer secure data transactions and storage for IoT devices. The cryptocurrency is rumored to be a part of Japan’s broader approach to integrate advanced technologies into on a regular basis life, including the Metaverse and NFTs. “Jasmy’s mission is to facilitate the democratization of information through secure management and storage solutions, allowing individuals to retain control over their personal information.
Speculation about JasmyCoin’s involvement with the My Number Card system seems further fueled by an erroneous report shared on Binance Square, suggesting a direct integration of JASMY with the cardboard’s functionality on iPhones. Nevertheless, this claim has not been substantiated by any official sources.
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The Japanese government has been a proponent of adopting Web3 innovations as a method for economic growth, with the Prime Minister himself emphasizing the importance of digital transformations in recent public addresses. The optimistic outlook for blockchain technology in Japan has been a boon for JasmyCoin, with the federal government’s digital policy not directly benefiting the cryptocurrency.
The recent surge in JASMY’s market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can drive significant price movements. Because it stands, while JasmyCoin is not directly aligned with Japan’s digital ambitions, direct partnerships or integrations with governmental projects just like the My Number Card haven’t been officially confirmed.
Since February 19, JASMY has rallied by roughly 380%. Nevertheless, the altcoin remains to be down greater than 91% from its all-time high of $0.35 in October 2021. At press time, JASMY traded at $0.03068.
JASMY price rises above $0.03, 1-day chart | Source: JASMYUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com