Japan’s Mizuho Financial Group will be creating its own digital currency for cashless payments


Japan’s Mizuho Financial Group plans to introduce a digital currency to be used for in March of 2019.

According to the company, the fees that the retail shops will be required to pay for accepting the currency will be significantly lower than the fees charged for credit card usage.

The transfer of funds back and forth between the digital wallet and the bank account will reportedly be free, as will be sending funds to other users.

What’s impressive is that Mizuho Group already partnered with 60 regional banks in Japan for the digital currency launch.

The currency will be managed by a dedicated smartphone app, and the payments will be made using QR codes. The token will be a stablecoin fixed at a price of 1 yen per unit.

The virtual currency is the result of the development of J-Coin, announced in September 2017 by Mizuho.

Japan’s blockchain scene is slowly growing and this isn’t the first time we’ve seen a Japanese company launch their own digital currency.  Japan’s Mitsubishi UFJ Financial Group (MUFG), the world’s fifth-largest bank, will also launch its own digital currency: MUFG coin.

Mizuho Financial Group is a public banking holding company that reported 1.45 trillion yen of revenue in 2017, equivalent to over $13 billion.

Regional banks will reportedly be able to provide the service under a common name, which hasn’t been established yet. This will certainly be a strong boost to the Japanese blockchain scene as well as the overall economy in general.

 


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Edith Muth

Edith Yue is CryptoMeNow's analyst. She loves to do intensive research on how blockchain will make an impact in our society. You can contact Edith at Edith@cryptomenow.com

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