A railway company, based in Osaka, and the Mitsubishi Research Institute are working together to create a local cryptocurrency that could soon be used in the Mie Prefecture of Japan. MRI, which is part of the Mitsubishi Group, announced that the token, which will be called the Kintetsu Shimakaze Coin, would run on the blockchain. It will be offered for a trial period from November 11 to January 31, 2020.
This is the fourth such effort that the two firms are undertaking together. This is a highly limited trial and will only be available in the Ise-Shima region, which is a popular tourist region in Japan, renowned for its seafood, exotic beach, a national park, and pearl cultivation. The coin will only be accepted at 15 local establishments including a museum, a resort, and a cruise company.
While this is a trial coin, there is hope that the railway line will use a permanent payment coin at its stations. To use the coin, which is pegged to the Japanese Yen, users will need to download an app and register.
Those who register on the app will be able to exchange the coins between themselves. When the trial period is over, the coins will be retired and users will not be able to use them anymore. The Kintsesu Group, which is collaborating with MRI, is a publicly traded company on the Tokyo Stock Exchange. MRI will be in charge of the issuance and management of the coins.