Cryptocurrency For Cashless Payments Planned By Japanese Banking Group Mizuho

News | January 6, 2019 By:

Japanese banking group Mizuho is planning to introduce its own cryptocurrency in March 2019, which will be used for shopping and remittances.

Asian media outlet Nikkei reported that the planned cryptocurrency will enable consumers, merchants and banks to access efficient, low-cost payments via blockchain. It will allow retail shops to charge fees significantly lower than credit card services. Fund transfers between the digital wallet and the bank account will reportedly be free, as well as sending funds to other users.

The value of the cryptocurrency will be fixed at 1 Japanese yen per unit, and will not fluctuate on the market. The digital currency will be managed by a dedicated smartphone app, and the payments will be made using QR codes. At launch, participating regional banks will be providing the crypto service in order to promote cashless payments.

Mizuho’s cryptocurrency project first started in 2017 when it announced the “J-coin” initiative along with Yucho bank.