Mizuho Financial Group

Mizuho Financial Group, Inc. - bank holding company in Japan.

It is founded in 2001.

History

2018: Start of digital currency for cashless payments

At the end of December, 2018 Mizuho Financial Group announced start of own digital currency which is intended for money transfers and payments. Within project implementation the Japanese financial conglomerate agreed about cooperation with 60 banks thanks to what local shops will accept new currency for payment.

The new cryptocurrency which name is not reported is tied to yen in the ratio 1:1. Holders of monetary unit had an opportunity free of charge to transfer funds to other users and to send cryptocurrency from the bank account for the purse. Payment will be made by means of a special application for smartphones and QR codes.

Mizuho Financial Group started a kriptovayuta

Retail stores will charge lower fee at payment with new cryptocurrency, than if you pay with the credit card.

As notes the Nikkei edition, the new project became logical continuation of works on the J-Coin project announced in 2017 which support Mizuho Financial Group, Japan Post Bank and finance regulators. The main objective of J-Coin — to reduce use of cash as by 2018 70% of all transactions in Japan are the share of them. Using J-Coin banks and the government hope to overcome this expensive dependence on cash. It was supposed that the new currency will be converted into yen at the rate of 1 to 1 and it will be started to the Olympic Games in Tokyo in 2020.

In addition to Mizuho Financial Group, plans for own kriptovayuta in May, 2018 were announced by other Japanese financial giant — Mitsubishi UFJ Financial Group which intends to provide a coin of MUFG. For MUFG Coin release the financial group decided to open the new exchange. In addition to the Asian companies, at the beginning of 2019 own steyblkoin should will provide also National bank of social and economic development of Brazil.^[1]

Notes