September 22, 2020

Mitsubishi and Kintetsu Launch Local Cryptocurrency for Japan's Popular Tourist Region

Mitsubishi Research Institute (MRI) and Kintetsu Railway Company will release cryptocurrency for Use in the popular tourist area of ​​Mie Prefecture in Japan.

MRI says Kintetsu test tokenShimakaze Coin will work on the blockchain and will be available only from November 11 to January 31. The experiment will be conducted in the Ise-Shima region - on a peninsula known for its beaches, seafood and national park. Only 15 businesses in the region will accept tokens for payment, including Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and Makonde Art Museum.

Kintetsu Railway Company hopes inultimately release cryptocurrency on an ongoing basis so that the company's customers can use it on the route of railway routes, according to the publication of Nikkei.

To use stablecoin whose pricetied to the Japanese yen, users must download the Kintetsu Shimakaze Coin app. Among other things, token transfers between program participants will be available. After testing, it will be impossible to use stablecoin. MRI will be responsible for issuing and managing tokens.

Kintetsu and MRI have been collaborating for two years inlocal cryptocurrency issuance areas. The first such experiment, the Kintetsu Harukas Coin Social Experiment, was conducted in September and October 2017 to test the payment system using the blockchain.

Mitsubishi has also been studying usage for a long time.blockchain. In April, the Mitsubishi UFJ Financial Group (MUFG) banking group announced plans to launch its own cryptocurrency for practical use this year. In addition, in February, MUFG representatives spoke about plans to create a new blockchain-based payment system. It is planned that its launch should take place next year.

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