Mizuho Bank, Japan's second largest financial institution, is readying the infrastructure for a stablecoin launch in March 2019, as reported by Asia Nikkei Review.
Mizuho plans to promote cashless payments in Japan by deploying its offering across retail stores for feeless-transactions, unlike traditional credit cards.
The firm is reportedly in discussion with over 60 regional banks to support liquidity for the stablecoin.
Initially termed the "J-Coin" project, the Mizuho effort was started in 2017 by group chairman Yasuhiro Sato in partnership with two Japanese "Megabanks," regional banks, and Japan Post Bank.
If all goes according to plan, the project shall mark the first instance of a stablecoin used by financial corporations, banks, and retail shops.
Currently, Japan remains a cash-based economy but looks to augment cashless transfers ahead of the 2020 Tokyo Olympics.
"Megabanks" in Japan both Agree and Differ.
Payments will be possible via a simple QR code placed at vendor outlets and accessible through a dedicated phone application that supports the Mizuho stablecoin.
Apart from Mizuho, the Mitsubishi UFJ Financial Group launched its stablecoin, the MUFG coin, in April 2018, and plans a nationwide rollout by 2020.
While MUFG agrees to the architecture, it differs both in the technical and fundamental aspects-mainly that of aligning with a competitor and combining its stablecoin with Mizuho's coin.
Japan's Second Biggest Bank Launching Yen-Pegged Stablecoin in March 2019
Publicado en Dec 29, 2018
by Cryptoslate | Publicado en Coinage
Coinage
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.