"The project is in the early stages, and we have just held study meetings with other institutions," a spokesperson for Japanese bank Mizuho Financial Group told CNBC on Wednesday.
"This will be pegged with Japanese Yen, and hopefully used to make payments and transfers through a mobile phone app," the bank said.
According to a report by the Financial Times, a consortium of Japanese banks are working on the project, and they are interested in launching the J-Coin before the Tokyo Olympics in 2020.
THE PROJECT HAS THE SUPPORT OF THE CENTRAL BANK and Regulators. The J-Coin will allow Japanese consumers to pay for goods and services with their smartphones.
