Japan has always been a country of advancements, and the cryptocurrency field makes no exception. It seems like the operation of altcoins is becoming increasingly popular. Recent data from Japan’s Financial Service Agency (FSA) shows that almost 200 new cryptocurrency firms have expressed an interest in becoming registered operators. Some of the names mentioned to be entering the market are Yahoo! Japan, Daiwa Securities Group, Line Corp., Money Forward Inc., Drecom Co. Ltd., etc.
Also, on December 28th, Nikkei reported that Mizuho Financial Group is planning on releasing its digital asset as soon as March 2019. This is not the first time the corporation has expressed interest in the crypto world. In 2017 the firm sent critical financial data and information from Japan to Australia using blockchain.
The currency, which is still unnamed, will support standard, feeless transactions and will be convertible to Japanese yen. The coin will be available to banks and retail stores, and end-users will be able to make transfers via a mobile app and scanning of QR codes. The bank will provide the service for free in exchange for detailed information about customer behavior and spending patterns.
Japanese banks have, for quite some time now, been searching for fast development in the altcoin field, as steps like introducing their cryptocurrencies will alleviate their dependency on cash. Other options include incorporating the blockchain and similar technologies and infrastructures to facilitate the operations and processes. One such example is the release of the J-coin project, backed by a consortium of banks in 2017, which goal is to be ready for the 2020 Tokyo Olympics.
Earlier in 2018 Japan’s most prominent financial group - Mitsubishi UFJ Financial Group – announced that they are looking into creating a borderless shopping experience through the launch of the MUFG coin.