Japan is slowly becoming a global cryptocurrency center and has over 50% of their exchange market. Many investors, for example from China, have just moved to the Japanese market considered more stable. That is why in Japan, it was decided to create own J-Coin cryptocurrency.
Mizuho Financial Group is a holding company from the public banking sector, which in March of the year 2019 intends to launch its own cryptocurrency based on yen. The project was started by a group of Japanese banks already in the 2017 year and announces that when it comes into force, the Japanese will have a ready ecosystem ready and will be able to pay their own daily crypto-valued J-Coin.
It will not show changes in the exchange rate and will not be on the stock exchanges. This will be the equivalent of the Japanese yen in the digital dimension (stablecoinor one to one).
J-Coin it will be operated by Tokyo and the surrounding banks and will not generate any costs of exchange and deposit, and their implementation will be immediate. Also, all transactions made by users, as well as by stores that accept the new currency, are to be free. There will also be free transfer of funds from the bank to a smartphone and vice versa, as well as sending money to another user.
Japan has already implemented many solutions related to the cryptocurrency market. Bitcoin for example, there is a legal cryptocurrency there and you can pay with it in the store as well as pay bills. The purpose of implementing the new J-Coin cryptocurrency in Japan is to promote non-cash transactions.
The J-Coin virtual currency will be served by mobile application for smartphones.