Japan’s popular tourist area will soon issue a local cryptocurrency – Cryptocurrency News

Japan’s famous tourist place in Mie Prefecture will soon render its visitors with a local cryptocurrency. Mitsubishi research institute (MRI) and an Osaka-based railway company have united to create the coin dubbed Kintetsu Shimakaze Coin. The MRI, firm under the Mitsubishi Group companies announced that the token will use blockchain and will be available only from November 11 to January 31 next year.

It is the fourth unit that originated to refine the technology and develop relevant processes and services. The commencement of the coin will occur in the Ise-Shima region, and only 15 establishments in the area will accept the cryptocurrency, including the Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise, and the Makonde Art Museum.

The users will require to download the Kintetsu Shimakaze Coin app for registration and be able to top up in 1,000 yen blocks, paying a 10 percent premium that is equal to 100,000 yen in all. The token is a stablecoin pegged to the Japanese Yen and will expire once the trial period is over.