The Japanese giant financial institution, Mizuho Financial Group has officially announced a date for issuing its own digital currency-J-Coin on March 1 and we are about to find out more about the new currency in our altcoin news today.
The Japanese bank’s digital currency will be pegged to the yen or one J-Coin will be worth one yen. Mizuho will use the cryptocurrency primarily for digital payments and remittances. Also, the bank has partnered with other financial institutions from Japan, making up to 60 companies with more than 55 million user accounts all of which will have a direct link and wallet to store J-Coins.
In order to make payments with the new cryptocurrency, J-Coin, the users will have to use the J-Coin app and will have to scan the QR code. With the registration for J-Coin Pay services, users won’t have to be above 18 to use the digital currency.
Mizuho has set a goal of acquiring 6.5 million users over a period of five years and also hopes to reach at least 300,000 participants from retail outlets. The digital currency was first tested in 2016 by the bank after they partnered with IBM Japan.
At that time, the goal was to create a digital currency in order to reduce transfer costs but additionally the J-Coin Pay will lower down the transaction fees when compared to credit cards.
Also, another Japanese bank is working on its own digital currency in Mitsubishi UFJ Financial Group which will be also pegged to the Japanese yen.
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