Recently, Mitsubishi Research Institute (MRI) and Osaka-based Railway Company, Kintetsu Group, become partners. And they will soon introduce a local digital crypto token known as Kintetsu Shimakaze Coin. Now, the visitors in Japan have a new option to pay with the local cryptocurrency.
This new coin will be treated as a stablecoin, which will be pegged to the currency of Japan, i.e., Yen. In the Mie Prefecture area of Japan, tourists can easily involve in the transactions during their travel period. This token will use blockchain technology to provide safe and trustworthy transactions to its people. The company declared that the new token would be available to the people from November 11, 2019, to January 31, 2020.
Both leading companies are working on this project with great dedication. Together, they are achieving the goal of tuning technology space. They are also improving the processes and services for the people.
Initially, this program will start from the Ise-Shima region of Japan. There are 15 institutions in the area that are ready to accept Japan’s Kintetsu Shimakaze coin. It includes Shima Spain Village, Kashikojima Espana Cruise, Miyako Resort Shima Bayside Terrace, and the Makonde Art Museum.
These two Japanese companies are working together for two years. They introduced a token version in September 2017 to test and verify the payment system via decentralized technology in the first year. Then, they tested the QR code technology for person-to-person transfers in the second year. Kintetsu is planning to launch cryptocurrency along its railway routes.
People interested in Bitcoin investment can download the application, which is designed to use the Kintetsu Shimakaze Coin. The participants will get 1,000 yen blocks with a 10% premium payment, which is equivalent to 100,000 yen. This token project will end up after expiring the trial period.