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

The Japanese financial giant Mizuho in March 2019 plans to launch a virtual currency to be used for remittances in a new payment system.

It is assumed that the token will be tied to the yen with a fixed rate of 1: 1. It will be possible to work with cryptocurrency through the application on the smartphone, and the payments are made using QR codes. According to the banking holding, fees for using a new payment system will be significantly less than for using credit cards. At the same time, all movements of funds between digital wallets will be absolutely free, even between different counterparties.

It is reported to promote the developed non-cash settlement system Mizuho Financial Group attracted about 60 regional banks. All of them will be able to provide a service under a single name, which has not yet agreed. The launch of the project was appointed for March next year, but the Japanese Holding reported on September 2017 on the start of work on creating their own cryptocurrency.

In addition to Mizuho, another Japanese financial giant announced about similar plans in May