The Japanese group Mizuho Financial Group intends to introduce its own cryptocurrency, which will have a parity with the Japanese yen and will be used to make payments and transfers via a & # 39; app for mobile phones.
Such as Nikkei reported, the currency still to be named will be distributed to retail stores and regional banks. It will allow standard transactions, such as purchases or transfers of money between individuals, at much lower costs than credit cards.
The Mizuho currency, scheduled to be published in March 2019, could be converted into yen on a one-to-one basis, operating via a smartphone app and using QR codes for scanning in stores.
Users and retail stores will not be charged any commission on cryptocurrency transactions, including transferring funds between smartphones and bank accounts or sending funds to other users or to store bank accounts.
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In return for free service provision, banks would benefit from collecting more data on consumer spending patterns.
Japanese banks are already on encrypted bandwagon
The Japanese financial services group has explored the space of digital money in recent years. The latest initiative in itself is the result of the J-Coin project, which was launched through a consortium of banks in 2017, and won the support of the central bank and the Japanese financial regulator to get ready for the Tokyo Olympics of 2020.
Mizuho also has a particular interest in blockchain technology. Last year, he completed a trade finance transaction through a blockchain, which involved sending information from Japan to Australia with key financial data.
Japanese banks have increasingly moved towards developing their own cryptocurrencies or adopting the underlying technology to streamline operations and wean the Japanese from their heavy dependence on cash. For example, Japan's largest financier, Mitsubishi UFJ Financial Group (MUFG) announced at the beginning of this year to test a new cryptocurrency called MUFG Coin, which promises to create a shopping experience without borders.