Tourists In Japanese Region Could Soon Use A Local Cryptocurrency

A new rumor is in the latest crypto news, showing that one of the booming Japanese regions for tourists could soon introduce its own local cryptocurrency. Mitsubishi Research Institute (MRI) and an Osaka-based railway company are behind the wheel of this new project, potentially allowing tourists in the Ise-Shima (Japan) region to use and pay with local cryptocurrency.

Formed in 1970, the MRI is a daughter company of Mitsubishi Group companies. As they unveiled on Wednesday, the token will be named Kintetsu Shimakaze Coin and will utilize blockchain. According to the first details, it will be available as a cryptocurrency only from November 11 to January 31 next year.

This is the fourth such unit created by the two companies which are known for working to refine the technology and develop essential processes, procedures and services to help the public. Tourists in the region could benefit from the local cryptocurrency in many ways.

Even though this is an experiment that is highly limited as a trial, it will take place in the Ise-Shima region which is a peninsular area known for its nice beaches, amazing seafood, pearl cultivation and its national park. The details show that only 15 establishments in the region will accept the coin, including Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and the Makonde Art Museum.

The token, as MRI noted, will be used temporary for the pilot. However, the big plan is to eventually issue a permanent cryptocurrency for use along its railway lines. This was also confirmed in a news report from Nikkei.

In order to use the cryptocurrency which is basically a stablecoin pegged to the Japanese yen, users will have to download the Kintetsu Shimakaze Coin app for registration, the altcoin news today show. They will be able to top up in 1,000 yen blocks and pay a 10% premium – up to 100,000 yen in total. The transfers of the coin will be possible between participants. At the end of the period, the coin will be retired and cannot be used.

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 where they tested a payment system using blockchain technology. The second one was the project in October and December 2018 in Osaka, where they tested a QR technology and introduced person-to-person transfers.