Stable Coin Called ‘J-Coin’ To Be Launched By Biggest Bank In Japan

“Stable coin ‘J-Coin’ to be launched by March 2019”

Mizuho Financial Group plans to issue a digital currency called ‘J-Coin’, with other Japanese banks (60 regional banks on board) that can be used for shopping and remitted at no cost, starting March 2019.

About Mizuho Financial Group:
It holds assets in excess of $1.8 trillion US dollars through its control of Mizuho Bank and other operating subsidiaries.

The company’s combined holdings form the 2nd largest financial services group in Japan and 14th in the world by total assets as of December 2017. It is the 90th largest company in the world according to Forbes rankings as of May 2017.

As per the proposal,

• The value of the stable coin ‘J-Coin’ will be fixed at 1 yen (1 cent) per unit.
• Retail shops using the currency will be charged fees significantly lower than what is charged by credit card services.
• To make use of the currency, users will download a dedicated app on their smartphone. Payments will be made using QR codes.

A pilot study will be carried out by March in one or two locations. Once launched, it can be used at supermarkets, restaurants and other retailers, with shoppers scanning a QR code with their smartphones.

Users will be able to use the stable coin ‘J-coin’ at any of the participating regional banks and will not be charged a fee for transferring funds to their smartphone from a bank account, returning funds to their account, or sending funds to other users.

Retail shops will also not be charged fees for depositing digital currency funds received from customers into their corporate bank accounts.

Mizuho Financial Group President Yasuhiro Sato also says,

“It is important J-Coin be able to connect with Alibaba Group Holding’s Alipay mobile payment platform.

Alipay is widely used among Chinese consumers, and a linkup would make it easier for businesses accepting J-Coin to tap demand from Chinese and other foreign visitors to Japan”.