Mizuho, a Japanese financial group, plans to introduce a digital currency to be used for remittances and payments in March, Nikkei, an English-speaking Asian media source, said on December 26.
According to the article, the fees that retail stores will have to pay for accepting currency will be significantly lower than the fees for using a credit card. The transfer of funds between the digital wallet and the bank account will be free, as well as sending funds to other users.
In addition, according to Nikkei, the bank attracted "about 60 regional banks" to promote non-cash payments. In addition, regional banks are reported to be able to provide a service under a common name that has not yet been created.
Reportedly, the currency will be managed by a special application for the smartphone, and payments will be made using QR codes. Nikkei writes that the tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details will be a stable coin with a fixed price of 1 yen per unit.
Mizuho Financial Group is a public banking holding company that reported revenues of 1.45 trillion yen in 2017, which is equivalent to more than $ 13 billion. Mizuho’s creation of a digital currency for cashless payments is the result of the development of J-Coin, announced in September 2017 by Mizuho.
In January, the Japanese Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world, will also launch its own digital currency – the MUFG coin.
About cryptocurrency legislation in Japan, the Country Financial Services Agency (FSA) is considering transferring cryptocurrencies into a special legal category called “crypto-actives” to avoid confusion with legal tender.
Editor: Yuliya Soroka