Mitsubishi and Kintetsu Launch Local Cryptocurrency for Japan's Popular Tourist Region

Mitsubishi Research Institute (MRI) and Kintetsu Railway Company will release cryptocurrency for use in the popular tourist area of Mie Prefecture in Japan.

MRI claims that the Kintetsu Shimakaze Coin test token will run on the blockchain and will only be available from November 11 to January 31. The experiment will be conducted in the Ise-Shima region – on a peninsula known for its beaches, seafood and national park. Only 15 businesses in the region will accept tokens for payment, including Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and Makonde Art Museum.

The Kintetsu railway company hopes to eventually release cryptocurrency on an ongoing basis so that the company’s customers can use it along the railway routes, according to the publication
Nikkei

To use stablecoin, the price of which is pegged to the Japanese yen, users must download the Kintetsu Shimakaze Coin app. Among other things, token transfers between program participants will be available. After testing, it will be impossible to use stablecoin. MRI will be responsible for issuing and managing tokens.

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Kintetsu and MRI have been collaborating on the issue of local cryptocurrencies for two years now. The first such experiment, the Kintetsu Harukas Coin Social Experiment, was conducted in September and October 2017 to test the payment system using the blockchain.

Mitsubishi has also been studying blockchain usage for a long time. In April, the Mitsubishi UFJ Financial Group (MUFG) banking group announced
about plans to launch their own cryptocurrency for practical use this year. In addition, in February, MUFG representatives spoke about plans to create a new blockchain-based payment system. It is planned that its launch should take place next year.