A whirlwind of speculation is currently surrounding the cryptocurrency JasmyCoin (JASMY), commonly referred to as the “Bitcoin of Japan”, following a recent announcement by the Office of the Prime Minister of Japan. Yesterday it was like that revealed that a video conference between Prime Minister Kishida and Apple CEO Tim Cook confirmed that the Japanese My Number Card feature will be included in iPhones by next spring.
Cryptocurrency investors are speculating on Apple’s cooperation
The news triggered a significant surge in JASMA’s value, leading to a 20% escalate in its market value over the past 24 hours, raising its market capitalization to $1.4 billion and making it the 67th largest by market capitalization. The 24/7 altcoin trading volume also increased by 400% to $570 million.
Although the My Number Card system – a personal identification system used by the Japanese government – is not officially associated with JasmyCoin, rumors regarding a potential tie-up have been circulating for several months. Despite the lack of formal confirmation, investors are apparently speculating on the tie-up, driven by a broader interpretation of Japan’s digital strategy that includes supporting Web3 technologies such as blockchain and IoT, domains in which JasmyCoin is a significant player.
JasmyCoin, founded in 2016 by former Sony executive Kazumasa Sato, aims to provide secure transactions and data storage for IoT devices. There are rumors that the cryptocurrency is part of Japan’s broader approach to integrating advanced technologies into everyday life, including the Metaverse and NFTs. “Jasma’s mission is to facilitate the democratization of data through secure management and storage solutions that enable individuals to maintain control over their personal data.
Speculation about JasmyCoin’s involvement in the My Number Card system seems to be further fueled by an erroneous report shared on Binance Square suggesting direct integration of JASMY with the card functionality on iPhones. However, this claim was not supported by any official sources.
The Japanese government has been a supporter of adopting Web3 innovations as an economic growth strategy, and the Prime Minister himself has emphasized the importance of digital transformations in recent public speeches. The bullish outlook for blockchain technology in Japan has been a boon for JasmyCoin, and the government’s digital policies have indirectly benefited the cryptocurrency.
The recent escalate in JASMA market activity demonstrates the volatile nature of cryptocurrency markets, where rumors and expectations can cause significant price movements. As it stands, while JasmyCoin is indirectly aligned with Japan’s digital ambitions, direct partnerships or integrations with government projects such as My Number Card have not been officially confirmed.
Since February 19, JASMY has increased by 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 the article’s publication, JASMY was trading at $0.03068.
Featured image created with DALL·E, chart from TradingView.com
