Japan to Launch Pilot Crypto Token for Its Popular Tourist Attraction Spot
A globally famous tourist spot in Japan’s Mie Prefecture area is all set to serve its visitors with a local cryptocurrency asset named Kintetsu Shimakaze Coin. The coin will operate as a stablecoin which will be pegged to the Japanese native currency, Yen.
The coin will aid the tourists by allowing them to indulge in easy and reliable transactions in the region during their travel expeditions. According to the latest piece of information, the newly-launched token is the brainchild of a joint effort by Mitsubishi Research Institute (MRI) and a railway firm based in Osaka, the Kintetsu Group.
The official announcement made by the MRI, the sister concern that operates under the Mitsubishi Group companies, revealed that the highly anticipated token project will employ the new-age technology of blockchain which has established itself as one of the safest and trustworthy mechanisms in the crypto domain. The firm clarified that the token will be available for the people only from November 11, 2019, to January 31, 2020.
Launch of the Kintetsu Shimakaze Coin is not the first project of its kind. The project led by MRI and the Osaka-based railway company stands tall as the fourth unit that is being strategically helmed by the two leading organizations. The firms are working together with an aim to fine-tune the technology space as well as lead to an improvement in the processes and services arena.
The program is set to kickstart in the Ise-Shima region of the country in its initial phase. Currently, there are only fifteen institutions in the area that will accept the Kintetsu Shimakaze Coin. These regions include the Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise, and the Makonde Art Museum.
The interested investors willing to register themselves will have to download the app designed for the Kintetsu Shimakaze Coin. The customers will be entitled to top-up in 1,000 yen blocks along with a payment of ten percent premium which is equal to 100,000 yen in entirety. The token project will expire after the ending of the trial period. Though, the project is a pilot venture for the participating organizations.
The Osaka-based local firm named Kintetsu Group which is collaborating with MRI for the project is a listed firm finding its place on the Tokyo Stock Exchange. It is the owner of the transportation resources including the lines concentrated in the project area.