J-Coin – the new digital cryptocurrency in plans of Japanese banks

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The Japanese banks are planning to introduce the new digital currency – J-Coin. In long-term plans J-Coin would be not only an alternative for Yen, but a substitute for traditional currency.

Mizuho Financial Group is one of the institutions spearheading the move. On Wendesday their spokesperson informed the CNBC via email that the whole project is in the early stages, and they just held a few study meetings with other institutions.

As The Financial Times reported the consortium of banks including Japan Post Bank is involved and the J-Coin launch date is planned for the Tokyo Olympics in 2020. The information is unofficial since Mizuho spokesperson declined any comment on that news.

What is official is that the J-Coin will be pegged with Yen, and the mobile app allowing easy payments and transfers will come with it.

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