Japan to launch J Coin digital currency in time for 2020 Olympics

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The currency will be launched by a consortium of banks led by Mizuho Financial Group and Japan Post Bank and has the support of the Central Bank and the financial regulators.

The currency will operate using mobile phone apps with a digital QR code representation of the Japanese Yen at par. The banks will provide the service for free in return for which they will collect data relating to consumer spending behaviour. The project is thought to be at least a partial response to the recent launch of China’s Alipay from the Ant Financial Services Group in Japan.

 

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