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Japanese Bank Mizuho going to launch its own Cryptocurrency

Japanese Bank Mizuho going to launch its own Cryptocurrency

December 31, 2018 7:05 am,

As an initiative taken by Japanese law to promote cash less transaction and promote Cryptocurrency industry, Japan Financial Company, Mizuho Financial Group is going to introduce its own Cryptocurrency. The name is not being decided yet.

The tokens will be like stablecoin whose parity will be with the Japanese Yen. The price will be fixed at a price of 1 Yen per unit.

This Cryptocurrency will facilitate standard transaction such as shopping, transfer between individuals, etc. The payments will be made through QR codes.

The benefit of this digital currency is that the fees which the shops are required to pay for accepting the currency are very less compared to the fess which is charged for using a credit card. Secondly, the transfer of funds between the bank and the digital wallet and sending it back to users will be totally free of cost. In return of all these free and less costly services, the bank will profit from collecting more data on consumers spending pattern.

The Mizuho token will be passed on to retail shops and regional banks as well. Presently, the bank has involved around 60 regional banks on the platform to promote and encourage the cashless payments options. Adding to this, few of the regional banks among 60 will be providing the service under the common name.

The Cryptocurrency will be managed with the help of its dedicated smartphone application. Anyone can make payments and transfers by using this application.

The trend of banks launching its own Cryptocurrency is trending a lot. Before Mizuho, Japan’s biggest lender, Mitsubishi UFJ Financial Group (MUFG) announced to test a new Cryptocurrency called MUFG coins that too assured borderless shopping experience.

The coin is likely to come in March 2019 coming year.

About Mizuho Financial Group:-

The bank is a public banking holding company which has revenue of 1.45 trillion ten in the year 2017, which is much more equivalent to $13 Billion.