Fake News: Japan’s Largest Bank isn’t Launching a Cryptocurrency

Several crypto media outlets have reported that Japan’s Mizuho, the country’s largest bank, and dozens of others are launching a blockchain product. According to Quartz, however, these reports are false in the extreme: J-Coin has nothing to do with cryptocurrency or even blockchain in general. J-Coin: Definitively Not a Cryptocurrency Rather than a blockchain product, the J-Coin initiative is an effort to modernize Japan’s economy. Roughly 4 in 5 transactions in Japan happen with cash, which puts it far behind the rest of the world in terms of electronic payment…

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Japan Megabanks Kill Joint Blockchain Money Transfer Project, Turn to Their Own Cryptocurrencies

Three of Japan’s biggest banks have canceled a joint project of a blockchain-based peer-to-peer money transfer service. The three so-called Japanese ‘megabanks’, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, said the joint venture was a duplication of their individual efforts. They thus saw no need to continue, according to the Nikkei Asian Review. Per the Japanese publication, the joint initiative would have allowed their customers to send and receive funds using email addresses or mobile phone numbers via virtual accounts linked to their bank accounts.…

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