Home / Cryptocurrency / The second largest bank in Japan to launch its own cryptocurrency in March 2019

The second largest bank in Japan to launch its own cryptocurrency in March 2019

According to a relationship published by Finance magnetsOn December 26, 2018, the Japanese company Mizuho Financial Group is ready to launch its yen-pegged cryptocurrency in March 2019.

The Stablecoin of Mizuho will be launched in March 2019

The cryptocurrency introduced by Mizuho will have a parity with the Japanese yen and can be used to make and receive payments via a & # 39; mobile app. Users will not have to pay any fees during the transfer of the digital currency between their bank accounts and smartphones. In return for facilitating feeless transactions, banks would benefit from the collection of more refined data on consumer spending patterns.

For sources close to the question, the digital currency still to be named will be distributed to regional banks and retail stores. Stores that use cryptocurrency will be subject to significantly lower fees than credit card services.

In particular, the Mizuho currency will be a stablecoin, which means it will be pegged to the national currency on a one-to-one ratio. The mobile currency app scans QR codes in stores to make payment. According to reports, the banking group has adopted the digital currencies route to promote cashless payments in the country. The group plans to approach sixty regional banks on board.

The followers of the cryptocurrency industry will remember the J-coin project announced in September 2017. The ambitious project was conceived by the then president and CEO of Mizuho Financial Group Yasuhiro Satu. Mizuho is Japan's second largest bank, e reported revenues close to $ 13 billion in 2017.

Japan continues to lead the crypts race

The recent dip in the cryptocurrency markets has not worried companies and institutions in Japan to delve deep into the industry. BTCManager reported November 21, 2018, Japan's largest shipping company, Nippon Yusen KK, is ready to launch its digital currency to pay for crew members.

The Japanese cryptographic ecosystem has received enormous success pulse from the financial services agency (FSA) on 25 October 2018, when the financial controller allowed local cryptic companies to self-regulate themselves.

On a more recent note, December 4, 2018, relationships it emerged that the Japanese FSA is contemplating the regulation of initial coin offerings in the country. If successful, Japan could become a global hotbed for thriving cryptographic exploits.

However, it remains to be seen how the FSA goes for the creation of a regulatory infrastructure for an industry still in its infancy.

To learn more about the cryptographic ecosystem in Japan, take a look BTCManager The account of chief editor Liam Kelly Here.

Category: Altcoin, Blockchain, Finance, News, Platform, Technology

Tags: bank, cryptocurrency, cryptocurrency, digital tokens, FSA, Japan, Mizuho

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