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Soon, Japan's banks are going to launch their own cryptocurrency market. This queen can be named J-Coin. Banks of Japan are going to give cash to people's public in cash soon. Mizuho Financial Group is the first institute that is moving fast in this direction.
The bank's spokesperson said on Wednesday that this project is in the initial phase. Round of study meetings with other institutions continues. This project also includes a bank of banks, in which the Bank of Japan is also included. It is expected that this J-Coin can be released during the 2020 Tokyo Olympics.
However, Mizuho Bank has refused to disclose the timetable for launching partner institutions and J-Coin. The bank's spokesperson has said that the project has not been allowed to regulator and the information sought has been sought. It will be launched in front of the Japanese currency yen and hopefully this digital currency will work on the mobile app.
Mizuho has been working on digital currency for the last several months. He is also working on blockchain technology which is essential for cryptocurrency. In the beginning of this year, the bank has seen the completion of sending a special document through Australia through its blockchain technology from Japan. Significantly, Japan has approved bitcoin early this year and big retailers are accepting it. Yet a large number of people in Japan use cache. The government is looking into the mood to take help of J-Coin to stop it.