JAPANESE FINANCIAL GIANT MIZUHO INTRODUCED DIGITAL CURRENCY FOR NON-CASH PAYMENTS

The Japanese Bank holding company Mizuho plans to introduce a digital currency, which will be used for non-cash money transfers. The launch of the corporate cryptocurrency is scheduled for March 2019.

According to the Nikkei publication, the transition to payments in digital currency will allow Mizuho to significantly reduce the cost of fees for processing payments for the partner retail business. The transfer of funds between the digital wallet and the Bank account is reported to be completely free.

In addition, according to Nikkei, Mizuho will integrate its own currency for non-cash payments into the work of 60 regional banks in the future.

It is known that interaction with this currency will be carried out using a special application for smartphones, and payments will be made using QR-codes. The Mizuho token is positioned as a stablecoin tied to the Japanese yen.

Recall, the company Mizuho Financial Group actively collaborates with the technology conglomerate Hitachi in the field of development of applications based on blockchain technology for supply chain management.

It is worth noting that Mizuho Bank is accused of criminal inaction and preventing the withdrawal of MtGox clients ‘ funds.