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The Japanese financial group Mizuho plans to introduce a digital currency to be used for remittances and payments in March, the Asian media in English published by Nikkei on December 26th.
According to the article, the rates that retail stores will be required to pay for the acceptance of the currency will be significantly lower than the fees charged for the use of the credit card. The transfer of funds back and forth between the digital wallet and the bank account will be declared free, as will the sending of funds to other users.
Moreover, according to Nikkei, the bank has brought "about 60 regional banks on board" to promote cashless payments. In addition, regional banks will be able to provide the service under a common name, which has not yet been established.
The currency will be managed by a dedicated smartphone app and payments will be made using QR codes. The token will be a stablecoin set at a price of 1 yen per unit, writes Nikkei.
Mizuho Financial Group is a public bank holding company which recorded 1.45 trillion yen in turnover in 2017, amounting to over $ 13 billion. The virtual currency is the result of the development of J-Coin, announced in September 2017 by Mizuho.
As reported by Cointelegraph in January, the Japanese Mitsubishi UFJ Financial Group (MUFG), the fifth world bank, will also start its digital currency: MUFG currency.
Regarding the encrypted legislation in Japan, the country's Financial Services Agency (FSA) is considering the hypothesis of placing cryptocurrencies in a dedicated legal category called "crypto-assets" to avoid confusion with the legal tender.
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