Mizuho Financial Group will launch its own stablecoin
One of the main banks in Japan will launch on March 1st the stablecoin J-Coin that operates a cryptocurrency of the same name
The Mizuho Financial Group, one of the most important banks in Japan, is scheduled to launch its own stablecoin on March 1st, to use it as a means of payment in more than 300,000 stores as well as sending remittances.
The J-Coin network already operates a cryptocurrency of the same name, involving more than 60 local financial institutions. The most important fact is that the stablecoin will be available through the J-Coin Pay app, which incorporates QR codes for payments in shops and stores to all people, including children under 18 years.
Customers will not have to pay additional costs for the exchange between fiat and J-Coin, provided that the aforementioned application is used exclusively. The group’s CEO, Tatsufumi Sakai, said: “The arrival of all these new entrants into the digital payments space is generating big changes in the way financial institutions offer payment services for clients.”
With the application, sending remittances will also be much easier, faster and more flexible compared to traditional banking systems. It will offer options for the payment of invoices and will also allow the transfer of money between the members of a family.
The Mizuho group has an important role in the expansion plan of retailers. Indeed, it is negotiating “an agreement with the retail chain FamilyMart and the companies Bic Cameray East Japan Railway to incorporate some 300,000 stores and have at least 6.5 million active users in the first years”.
M.Pino
Source: Diario Bitcoin
