Mizuho to launch proprietary cryptocurrency pegged to Japanese yen in March 2019 – Report

Japanese financial services giant Mizuho is reportedly planning to launch a proprietary cryptocurrency in March 2019, Nikkei Asian Review reported.

The key objective behind the cryptocurrency is to promote cashless payments. Retail shops that opt for the crypto will be charged lesser fees as compared to credit card services and would not be charged any fees for depositing digital currency funds they receive from customers into their corporate bank accounts.

In February 2017, Mizuho Financial Group announced that it successfully completed trials on using blockchain technology in cross-border document sharing and a custom digital currency in partnership with Cognizant.

In a report published in September 2017, CNBC stated that Mizuho was spearheading a digital currency initiative to launch “J-coin”. A spokesperson told the news outlet that the digital currency “will be pegged with Japanese Yen.” According to another report from The Financial Times at the time, the project was backed by a consortium of Japanese banks.

While the name of the cryptocurrency remains uncertain at the moment, Nikkei said that Mizuho is planning to bring about 60 regional banks on board.

The value of the cryptocurrency will be fixed at 1 yen (1 cent) per unit and would not fluctuate on the market. In order to use it, users will need to download a dedicated app on their smartphone and make payments using QR codes.