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Japan's aging population, low crime rate, and a mistrust of financial systems have led to Japan being one of the world’s most cash-obsessed societies. As the country works towards a cashless society, it has a long way to go, and it is currently costing the country ~$15b every year to handle its cash.
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“Digitalisation is spreading at an incredible pace so it’s important that we do not remain satisfied with the status quo and take active steps to address these structural changes,” says Tatsufumi Sakai, chief executive of Mizuho Financial Group, which recently launched a digital currency service and laid out plans to shut about 20 per cent of its 500-branch network.
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