This Popular Tourism Area Will Soon Test a Local Cryptocurrency

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Mitsubishi Research Institute and an Osaka-based railway company are issuing a local cryptocurrency for use in a popular tourist area in Japan's Mie Prefecture.

The MRI, formed in 1970 by Mitsubishi Group companies, said on Wednesday that the token, dubbed Kintetsu Shimakaze Coin, will be utilizing blockchain and is available only from Nov. 11 to Jan. 31 next year.

While the token will be temporary just for the pilot, Kintetsu hopes to eventually issue a permanent cryptocurrency for use along its railway lines, according to a news report from Nikkei.

To use the cryptocurrency, which is a stablecoin pegged to the Japanese yen, users must download the Kintetsu Shimakaze Coin app for registration.

Transfers of the coin will be possible between participants.

The Kintetsu Group, the local company partnering with MRI, is listed on the Tokyo Stock Exchange and owns transportation assets including lines into the targeted area of the program.

Kintetsu and MRI have been cooperating for two years on local coins.

The first Kintetsu Harukas Coin Social Experiment was run in September and October 2017 to test a payment system using blockchain technology.

The second Kintetsu Harukas Coin Social Experiment was run in October and December 2018 in Osaka to test the QR code technology and introduce person-to-person transfers.

In February 2019, the two companies tested a local coin around Osaka Uehommachi Station.

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