Soon, Japan is going to launch their own cryptocurrency in the market. This coin can be named J-Coin. Bank of Japan is going to give one more cashless option. Mizuho Financial Group is the first institute that is moving fast in this direction.
The bank’s spokesperson said on Wednesday that this project is in the initial phase. Round of meetings with other institutions is happening. This project also includes various banks, in which the Bank of Japan is also included. It is expected that this J-Coin can be released during the 2020 Tokyo Olympics.
However, Mizuho Bank has refused to disclose the partner institutions and the launching date of J-Coin. The bank’s spokesperson has said that the project has not been approved by the regulator yet and the information has been sought for the same. It will be launched in front of the Japanese currency yen and hopefully, this digital currency will work on the mobile app.
Mizuho has been working on digital currency for the last several months. They are also working on blockchain technology which is essential for the cryptocurrency. In the beginning of this year, the bank has seen the completion of sending a special document through its blockchain technology project from Japan to Australia.
Significantly, Japan has approved bitcoin early this year and big retailers are accepting it. Yet a large number of people in Japan use cash. The government is looking into the mood to stop it with the help of J-Coin.
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