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Mizuho Financial Group To Release Its Own Stablecoin For Cashless Payments

Denis Goncharenko

The Japanese financial giant Mizuho Financial Group plans to release its own cryptocurrency. According to Nikkei, the company aims to utilize it for cashless payments. The introduction of the digital currency is scheduled for the March of the upcoming year. About 60 regional banks are involved in cooperation in the field of remittances and payments.

The Mizuho stablecoin will have parity with the national currency — the Japanese yen. The development of the cryptocurrency project has been announced in September 2017. The management of the cryptocurrency is planned to be done with mobile applications, while the payments will be made using QR codes.

The advantages of such digital asset are hard to underestimate: the total absence of fees for transferring money between wallets and a bank accounts, as well as for transferring funds between the cryptocurrency users. The retail stores will benefit too: the commissions for accepting cryptocurrency are planned to be significantly lower than the ones for accepting credit cards.

Mizuho Financial Group has been showing an active interest in the blockchain over the past few years. In 2017, the company has run successful tests of the technology in order to optimize trade and information exchange between the Japanese and Australian offices.

Image courtesy of Uniton.io

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