As per the latest English-language Asian media Nikkei reports Japan’s Mizuho Financial Group plans to present a digitized currency to be used for payments and expenditures in March 2018.
The charges that the trade shops will be obligatory to pay for accepting the money will be meaningfully lesser than the subscriptions charged for credit card practice as stated in the article.
The transmission of assets back and forth among the digital wallet and the bank account will supposedly be allowed, as will be transferring funds to other workers.
Also, as per Nikkei, the bank carried “more than 60 regional banks on board” to encourage cashless payments. Furthermore, local banks will supposedly be able to deliver the facility under a common name, which hasn’t been recognized yet.
A devoted smartphone app will manage the currency, and the expenses will be done with the help of QR codes. The token will be a stablecoin immovable at a value of 1 yen per unit.
Mizuho Financial Group is a public banking holding company that reported 1.45 trillion yen of revenue in 2017, equivalent to over $13 billion. The virtual currency is the result of the development of J-Coin, announced in September 2017 by Mizuho.
In January 2018 as per a report published in Cointelegraph, the world’s 5th greatest commercial bank Japan’s Mitsubishi UFJ Financial Group (MUFG), will also start its digital currency: MUFG coin.
In esteem to cryptocurrency lawmaking in Japan, the country’s Financial Services Agency (FSA) is seeing introducing cryptocurrencies into a complete legal group called as cryptocurrency assets to evade misperception with the authorized tender. “The business of financial settlements has become more important and is expected to continue to grow. So we have to take a serious approach,” said Mizuho Financial Group President Tatsufumi Sakai in an interview with The Yomiuri Shimbun. On the other hand, is related to the business, Sakai mentioned that “We’ll do business with other companies if we have the opportunity. Timing and speed are critical.
He even stated that his purpose to make use of a significant quantity of information gotten finished the new expense service for its upcoming industries. He further specified that there is a limit to what can be done as a conventional financial institution alone. We’re focusing on new technology.”
About Mizuho Bank:
Mizuho Bank many branches like more than 505 branches and offices in Japan and 38 other countries, Mizuho bank to have branches in each region in Japan. The name “Mizuho” is an archaic Japanese term meaning “golden ears of rice,” and was used in the classical text Nihon Shoki to describe Japan. Presently, Mizuho Bank, it is in a process with the expertise business Wirecard Group, presents a business debit card in Asia.