Mizuho Financial Group, major financial services company in Japan, having its presence over 35 countries has launched crypto assets for remittances.
On Dec 26, English-language Asian media Nikkei has reported about this news. According to the article, the charges that the trade works will be necessary to pay for accepting the money will be meaningfully lower than the costs charged for credit card custom. The funds transferred back and forth among the bank account and the digital wallet will reportedly be free, as it will be transferring funds to further customers. Mizuho Financial Group will be launching this in March next year.
Remittances is a payment document, such as bank draft, check, money transfer etc., which is made in a foreign currency. And it is transferred through debtors with conversion to national currencies needed. Introducing digital currency in this process now this process will be functioning as a third party, independent currency. By using this modern technological system, it will become easy to convert money in any possible fiat currency. In addition to this the virtual transactions will increase and will reduce the chances of damage of money, theft and usually can provide faster transfer and conformations.
It is predicted that the Mizuho Financial Group will introduce about 60 regional banks, in order to promote up the new cashless payments techniques. These banks will serve customers with a common name which is still unannounced.
According to reports, this token will be managed by a dedicated smartphone app that uses a QR code for payment. And the token is a stable currency linked to the yen .
Furthermore, according to Nikkei, the bank brought “about 60 regional banks on board” to promote cashless payments. Moreover, regional banks will reportedly be able to provide the service under a common name, which hasn’t been established yet.
The currency will reportedly be managed by a dedicated smartphone app, and the payments will be made using QR codes. The token will be a stable coin fixed at a price of 1 yen per unit, Nikkei writes.
As reported earlier in January by coin telegraph, Mizuho Financial Group has been listed among the banks holding the revenue collection of 1.45 trillion yen in 2017. This bank is equivalent to $13 billion. In addition to this Japan’s Mitsubishi UFJ Financial Group (MUFG) the world’s fifth largest bank will also launch its own digital asset known as MUFG tokens. Also, as reported earlier on Nov 9, MUFG has announced that it will use XRP for its cross border payments, in service to Brazil. Therefore the usages of crypto assets are continuously growing in Japan. Crypto’s role in enabling ease of access to funds and greater efficiency of transactions has been in the spotlight when it comes to addressing wealth generation and investment in Japan.
The financial service authority of japan the FSA, is considering encryption currency fall known as “encryption Assets” under special legal category, due to Japan’s domestic legalization on encryption. This will not only prevent customers from confusion but also provide a legal tender.