May 19, 2024

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

Mitsubishi Research Institute (MRI) and railway company Kintetsu will release cryptocurrency forUse in the popular tourist area of ​​Mie Prefecture in Japan.

MRI states that the Kintetsu test tokenShimakaze Coin will operate on the blockchain and will only be available from November 11th to January 31st. 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 the token for payment, including Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and Makonde Art Museum.

Kintetsu Railway Company hopes toeventually issue the cryptocurrency on an ongoing basis so that the company's customers can use it along the railway routes, according to the Nikkei publication.

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 the use ofblockchain. In April, banking group Mitsubishi UFJ Financial Group (MUFG) 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 payment system based on the blockchain. It is planned that its launch should take place next year.