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Japan based Bank Mizuho is planning to introduce its new own cryptocurrency in March to facilitate payment and remittances at no costs, and to fight against credit card charges.
Mizuho would become the first big bank with its own cryptocurrency. Bank plans to launch the new cryptocurrency in March according to news published by Nikkei.
While using the new cryptocurrency, retail shops will be charged lower fees than for credit card services. Also, 60 regional banks are on board for remittances and payments.
The project will work on a smartphone app and payments will be made via QR codes.
New digital currency will have a fixed price at 1 yen per unit with no market fluctuation. At least for now, the price will be the same always, and it will not be affected by volatility like other cryptocurrencies such as Bitcoin or Ethereum are.
Mizuho opens in this way a new fight against credit cards charges, and it is offering no costs solution for customers and retail shops. All transfers will be done in real time.
However, the real game is the Japan mission to eliminate, or significantly reduce, cash before the Olympic games of Tokyo 2020.
With the blessing of financial regulators, banks of Japan has plans to introduce the J-Coin, a project to eliminate cash as a payment option.
The project would be a game changer as Nippon is primarily a cash economy. Everybody who has visited or lived in Japan nows that ATMs are not 24/7 or most retail shops or restaurants do not accept credit or debit cards.
The project’s target is to reduce Japan dependency from cash. Actually, Japan is a 70 per cent cash economy, and become a virtual or plastic money economy by the Tokyo Olympics games in 2020.
Is Mizuho the game changer? The market does not know yet, but its idea to introduce its own cryptocurrency in regional and remote basis is an essential step on the J-Coin project way.