Global Exchange: A regional cryptocurrency is being issued by the Mitsubishi Research Institute (MRI) and an Osaka-based rail company for the popular tourist zone in the jurisdiction of Mie, in Japan. Local cryptocurrency usage rollout for tourists in popular Japanese destinations.
MRI was formed in 1970 by the Mitsubishi Consortium. It said on Wednesday that the blockchain-based coin, known as Kintetsu Shimakaze Coin, would only run from November 11, 2019 – January 31, 2020.
This is the fourth initiative from the two organizations to upgrade technology and develop related systems, practices, and facilities.
Two years of partnership for local coins have taken place between Kintetsu and MRI. The first Kintetsu Harukas Coin Social Experiment to study a payment system using blockchain technology was conducted in September and October 2017.
Nvestweekly: The Kintetsu and MRI collaboration conducted their second Kintetsu Harukas Coin Social Experiment in Osaka to study the QR code mechanism and launch person-to-person transfers between October and December 2018, wherein Mitsubishi UFJ, the banking group, and Omron Corporation also took part. Prior to the current experiment, the two companies came together on February 2019, to experiment with a local coin around the Osaka Uehommachi Station.
The upcoming experiment would be conducted in Ise-Shima, a peninsular belt known for its coasts, seafood, pearl cultivation, and national park, nevertheless, this experiment is a restricted trial run. The coin would be accepted by a mere 15 business units from the region, and some of the business units are the Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise, and Makonde Art Museum.
As per the news report published in Nikkei, since the token is limited only to the trial, the operator, Kintetsu expects to eventually launch a permanent cryptocurrency for use on its railway network.
Users are required to download and install the Kintetsu Shimakaze Coin application for initial registration and for using the cryptocurrency, the Stablecoin linked to the Japanese yen.
Customers could add up to 1,000 yen block for a premium of 10%, up to a total of 100,000 yen. Coin transactions between participants would be easily possible. Additionally, the coin would be withdrawn and usage would be stopped at the end of the trial phase.
The Kintetsu Group is the local MRI partner company and is listed on the Stock Exchange of Tokyo. It possesses transport assets including the transport network in the designated region for the trial program. In addition, the tokens will be issued and managed by MRI.
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