In line with a recent report ‘published‘ by ‘Nikkei’, Japan’s Mizuho monetary group plans to introduce a crypto currency to be used for remittances and payments in March by next year.
In line with the article, the fees that the retail outlets would be required to pay for accepting the currency would be considerably lower than the fees charged for credit-card usage. The transfer of funds back and forth between the digital wallet and also the bank account will reportedly be free, as will be sending funds to alternative users.
Furthermore, per Nikkei, the bank brought “about sixty regional banks on board” to expand cashless payments. Moreover, regional banks would be reportedly be able to offer the service ‘underneath‘ a standard name, which hasn’t been yet established.
The currency would reportedly be managed by a specific smartphone application, and the payments would be processed employing QR codes. The token would be a stablecoin fastened at a value of 1 yen per unit, Nikkei added.
Mizuho monetary group is a public banking holding company that ‘reported‘ around 1.45 trillion yen of revenue earlier in 2017, which is roughly equal to $13 Bln. The virtual currency is the result of the development of J-Coin, proclaimed earlier in Sept. 2017 by Mizuho.
As per an earlier report, Japan’s Mitsubishi UFJ Financial Group [MUFG], the world’s 5th largest bank, will launch its own digital currency: MUFG coin.
In relevance crypto ‘legislation‘ within Japan, the country’s FSA [Financial Services Agency] is considering placing cryptocurrencies into a dedicated legal class referred to as “crypto-assets” to forestall confusion with the legal tender.