Local Cryptocurrency To See Launch for Ise-Shima Region in Japan

Both Mitsubishi Research Institute (MRI) and an Osaka-based railway firm are now issuing a local cryptocurrency for use in a popular tourist area in Japan’s Mie Prefecture.

Formed in the ‘70s by Mitsubishi Group companies the MRI announced earlier this week that the new token will be utilising blockchain technology but will only be available only from 11th November to 31st January 2020.

This is forth unit of its kind that has been developed by the two firms as they work together in order to refine the technology and improve the relevant process and services. 

So whereas this experiment is a highly limited trial and will only be taking place in the Ise-Shima region of the nation, it is still an exciting development. At the moment, there won’t be many businesses accepting the coin with only 15 onboard so far including Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and the Makonde Art Museum.

As per a report from Nikkei, the token, dubbed Kintetsu Shimakaze Coin, is just temporary for the pilot however the coin has the hope to eventually issue a permanent cryptocurrency for use along its railway lines. 

In order to use this cryptocurrency, users will have to have downloaded the tokens app for registration. 

As reported by CoinDesk:

“They [users] will be able to top up in 1,000 yen blocks, paying a 10 percent premium, up to 100,000 yen in total. Transfers of the coin will be possible between participants. At the end of the trial period, the coin will be retired and cannot be used.”

The local-based firm teaming up with MRI, the Kintetsu Group is listed on the Tokyo Stock Exchange and owns transportation assets including lines into the targeted area of the program. Furthermore, MRI will be responsible for the issue and management of the tokens too. 

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!