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Japanese Bank would follow JPM coin to build own digital currency

japanese bank to create digital currency jpay

The Mizuho Bank in Japan is aiming to go big with digital currencies after JP Morgan launched its digital currency backed by fiat. The platform dubbed the J-Coin pay would be taking sixty (60) institutions onboard to reach out to over fifty-six million users within Japan.

The Chief Executive Officer (CEO) of the bank Tatsufumi Sakai expressed talking to the media that the bank is jumping into the market to keep the financial sector in their rightful place within the emerging digital trends. In other words, the bank is seeking to expand its portfolio in a market that’s developing very rapidly.

On the other hand, the bank is also not leaving any stones unturned to ensure that the users reap the benefit of their services like any other digital currency. Leveraging the blockchain the currency would be fast and easy to access. The bank would also be introducing a digital platform that would allow users to spend their J-Pay wallet money through QR codes.

In the expansion phases, the bank would also target big retail giants in the country with a targeted three hundred thousand retail stores across the country and around six and a half million (6.5m) users’-base.

The bank is looking to target giants such a FamilyMart, and East Japan Railway among other major players of the country.

Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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