Six of the world’s largest banks – Barclays, Credit Suisse, the Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street – have stepped up efforts to launch a new form of currency.
This currency is supposed to be used to pay for goods and transfer money using smartphones.
The currency will be called J Coin and will have the same rate as the yen. It is expected that it will be put into circulation until 2020, when the country will host the Summer Olympics and Japan will be visited by millions of tourists.
“We are holding discussions with central banks and regulators, and we will continue them in the next 12 months with a view to a limited launch near the end of 2018,” said the head of strategic investments in financial technology at the Swiss bank, UBS, Haider Geoffrey.
The currency is developed specifically for smartphones. Payment will go through a special application by scanning QR codes on products.
The service will be free, but banks will have greater access to data on consumer preferences of their customers. As expected, the transition to the crypto currency will accelerate the agreements with securities. This approach will reduce time and money costs, as well as the use of human resources.