A Japanese consortium has indicated that it intends to issue a virtual currency later in the year which promotes the pop culture of the country. The digital currency, which will be known as ?otaku coin?, will be issued in early summer. The project will be financed by producing video or animation games which are popular with fans who are often referred to as geeks or otaku.
Once the virtual currency is issued a number of coins whose quantity is predetermined will then be given to fans who are spread across the globe. This was revealed by the Otaku Coin Preparation Committee. The committee has pointed out that it has no intention of having an Initial Coin Offering. Holders of the virtual coin will be in a position of using it to buy goods on e-commerce platforms of partners that include Tokyo Otaku Mode. Additionally Otaku Coin Preparation Committee harbors hopes that the virtual currency will be traded on exchanges as well as exchanged with the Japanese yen and other fiat currencies.
Tax and legal regulations
As part of the steps being taken to make the Otaku coin a reality feasibility is being conducted and this includes going through the tax and legal regulations that the virtual currency would face in the countries, territories and jurisdictions that the coin might circulate in.
With the Otaku coin the Otaku Coin Preparation Committee intends to offer a mechanism which will allow fans to fund and vote on projects which contribute in developing the otaku culture. This way it will be easier for creators of games, manga and anime to generate more content and thus further the prosperity and growth of Otaku culture.
By ensuring that the digital currency is distributed across the globe to all fans the Otaku Coin Preparation Committee aims to eliminate the purchase bottlenecks that the otaku community faces. These purchase bottlenecks include foreign currency conversion fees as well as other transaction surcharges. This will facilitate an economic ecosystem that is more active and invigorated.
Additionally the partnerships that will be formed will result in a rewards system and program to the benefit of the otaku community.
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