Mizuho Financial Group Inc. aims to launch its proprietary digital currency in March 2019, The Nikkei reported Dec. 26, without citing sources.
The new digital coin is the result of the J-Coin project, which was announced by the Japanese bank in 2017. For the project, Mizuho partnered with about 60 regional banks, which will be able to offer the to-be-named digital coin to their customers.
The value of the virtual currency will be fixed at ¥1 per unit and will not fluctuate on the market.
Users of the digital currency will be able to pay for goods and remittances using QR codes. Retail shops that accept the new currency will be charged lower fees than those charged for credit card services, according to the report.
As of Dec. 26, US$1 was equivalent to ¥110.44.