Mizuho Bank which is a mega bank in Japan will be launching its own cryptocurrency this year by March precisely.
The cryptocurrency will be joining the Japanese Yen and the value of one unit of the coin will be fixed at 1 yen. Although he name of this cryptocurrency is not yet known, but we’re calling it Stablecoin for now.
In a statement by the Block and Nikkei Asian Review, the stablecoin came from the J-Coin project which was announced by Yesuhiro Sato who is the Financial Group’s Chairman of J-Coin project and the former president of Mizuho Bank.
Stablecoin will be used for so many things ranging from shopping to other expenses. Shops who use the coin will be charged with little cost compared to the normal transactions.
Hopefully, this development will make stablecoin more attractive and we also hope people will embrace this coin fast. To be able to use and benefit from the stablecoin, people will download an app on their phone.
This app will give people the opportunity to transfer money in and out of their bank accounts with little or no charge. The app also have the QR code scanning capability, which gives users the opportunity to pay for services or goods, it makes the process more faster.
Customers who has retail shops will not be charged for depositing funds using the stablecoin, other banks in the Mizuho Financial Group also has the opportunity to use and benefit from the service as well as their customers.