Mizuho Financial Group, the second largest bank of Japan, is reportedly going to launch its yen-based stablecoin by March 2019. The bank hasn’t yet named the upcoming digital coin.
What are the Plans of Japan’s Mizuho Financial Group regarding Cryptocurrency?
The upcoming Mizuho-introduced cryptocurrency will have parity with the Japanese Yen. This crypto will be pegged with Yen on a one-to-one ratio, making the Mizuho-introduced coin a stablecoin.
The users can use the Yen-based stablecoin for making and receiving payments with the use of a mobile app. While making a digital currency transfer between bank accounts and smartphones, no charge has to be paid by the users. The fee-less transactions will help the Mizuho Financial Group to get a closer look at the patterns of consumer spending.
Reports say the upcoming Mizuho Financial Group has future plans of introducing their stablecoin to retail shops as well as regional banks. Sources say the shops using this yen-pegged cryptocurrency will be charged a significantly lower fee in comparison to the fees charged by the credit card services. It is learned that the payments can be made in the stores through the mobile app of the stablecoin with the help of QR code scanning.
The second largest banking group in Japan, Mizuho Financial Group, is reportedly promoting cashless payments in Japan by using digital currencies route. The group is planning to bring around 60 regional banks on board.
Mizuho Financial Group, which is Japan’s 2nd largest bank, announced US$13 Billion last year. It has been a pioneer in the adoption and promotion of cryptocurrency for quite some time now. In September 2017, Mizuho Financial Group’s CEO and Chairman Yasuhiro Satu devised an ambitious J-coin project.
Japan is Leading the Cryptocurrency Race
Japanese companies are unfazed as the cryptocurrency market touch newer lows regularly. In late-November 2018, Nippon Yusen KK (largest shipping line of Japan) announced launching its own digital currency for paying its crew members. Japan’s Financial Services Agency (FSA), the top financial watchdog of the country, has recently introduced self-regulation for local crypto businesses, boosting the industry as a whole. Now, it remains to be seen how FSA establishes a regulatory infrastructure for the cryptocurrency and blockchain technology industry.
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