Japanese financial giant Mizuho will launch a system of cashless payments based on cryptocurrency

Japanese financial giant Mizuho plans to launch a virtual currency in March 2019 that will be used for money transfers in the new payment system.

The token is expected to be pegged to the yen at a fixed rate of 1: 1. It will be possible to work with cryptocurrency through an application on a smartphone, and make payments using QR codes. According to the bank holding company, the fees for using the new payment system will be significantly lower than for using credit cards. At the same time, all transfers of funds between digital wallets will become absolutely free, even between different contractors.

Japanese financial giant Mizuho will launch a system of cashless payments based on cryptocurrency

Reportedly, to promote the developed system of cashless payments, Mizuho Financial Group has attracted about 60 regional banks.. All of them will be able to provide the service under a single name., which have not yet agreed. The launch of the project is scheduled for March next year, but the Japanese holding announced the start of work on creating its own cryptocurrency back in September 2017.

Besides Mizuho, ​​about similar plans in May announced another Japanese financial giant Mitsubishi UFJ Financial Group, which intends to submit a coin to MUFG. In addition to Asian companies, at the beginning of 2019, own stablecoin must will also represent the National Bank for Social and Economic Development of Brazil.

Japanese financial giant Mizuho will launch a system of cashless payments based on cryptocurrency

text: Ivan Malichenko, photo: pbs.twimg, bloomberg

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