Japan financial company, Mizuho Financial Group now has
plans to introduce a digital currency to be used for the payments and
remittances in the March, according to the reports.
According to the report which has been revealed, the fees
that the shops will require to pay for accepting the currency will be going to
be much more lowers than the fees which are charged for the usage of credit
card. The transfer of funds back between the bank and digital wallet will also
be going to be free, as will be sending funds to other users.
Moreover, according to the report, the bank brought “about
60 regional banks on the platform” to promote and socialize the cashless
payments options. Furthermore, some of the regional banks will be going to
provide the service under the common name which has still not been decided yet.
The currency will also be going to be managed with the help
of a dedicated smartphone application, and the payment will be made via QR
codes. The token will be a stablecoin which will be fixed at a price of 1 yen
per unit.
Mizuho Financial Group is a public banking holding company which has a revenue of 1.45 trillion ten in the year 2017, which is much more equivalent to $13 Billion. The virtual currency is the result of the development of the J-coin which announced last year in the September.