Japanese Giant Mizuho Financial Group Will Introduce Digital Currency For Cashless Payments

According to the Nihon Keizai Shimbun reported on December 26 Mizuho Financial Group plans to launch a digital currency for remittances and payments in March next year .

The article pointed out that for retail stores, the cost of accepting this currency will be much lower than the credit card fee. At the same time, there is no fee for the user to use the digital wallet to remit money with the bank account.

It is expected that the bank will “ introduce about 60 regional banks ” to promote the development of cashless payments . These regional banks will provide services to customers through a common name, which is currently not announced.

According to reports, this token will be managed by a dedicated smartphone app that uses a QR code for payment.And the token is a stable currency linked to the yen .

Mizuho Financial Group is a listed bank holding company with revenue of 1.45 trillion yen in 2017 , equivalent to $13 billion. In addition, Japan’s Mitsubishi UFJ Financial Group ( MUFG , the world’s fifth-largest bank, will also launch its own digital currency: MUFG tokens.

Japan’s domestic legislation on encryption, Japan’s Financial Services Authority ( the FSA ) is considering encryption currency fall called ” encryption assets ” special legal category, in order to prevent confusion and legal tender.

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