Mizuho To Issue Cryptocurrency For Cashless Payments
Japanese Mizuho Financial Group intends to launch its own cryptocurrency pegged to the yen in the spring of 2019, Nikkei Asian Review reports.
According to Mizuho's plan, retail outlets that support crypto payments will charge much lower commissions than it is with bank cards. The financial company attracted more than 50 regional banks for joint work to promote the idea of cashless payments.
Digital assets owners will be able to send them to other customers or transfer them from bank accounts to crypto wallets. Cryptocurrency payments will be made using a mobile phone app or a QR code.
The future crypto is the result of the J-Coin project implementation, which was launched by Yasuhiro Sato, the President and CEO of Mizuho Financial Group, in 2017.
The value of the digital asset will be set at the level of one yen per coin and will not be subject to market fluctuations as in the case with bitcoin and other cryptocurrencies.
Japan occupies a leading position regarding the crypto sphere regulation, which makes it attractive for various companies that are seeking to implement their projects related to cryptocurrency and blockchain.
As previously reported, the Financial Services Agency of Japan published a document outlining the main aspects in relation to cryptocurrency and ICO organization.