Japanese banks are hoping to dispatch their own particular advanced money called the J-Coin to wean buyers off money.
Mizuho Financial Group is one of the organizations initiating the move.
"The undertaking is in the beginning periods, and we have recently held investigation gatherings with different foundations," a representative for the bank told CNBC by means of email Wednesday.
The Financial Times announced Tuesday that a consortium of banks including Japan Post Bank was included and that the J-Coin would dispatch in time for the Tokyo Olympics in 2020. The Mizuho representative declined to remark on the association of different banks or the timetable.
In any case, the representative revealed to CNBC that there hasn't been any endorsement from controllers yet and gave more points of interest on the plans for the advanced cash.
"This will be pegged with Japanese Yen, and ideally used to make installments and exchanges through a cell phone application," the bank said.
Mizuho has been investigating the advanced money space for as far back as couple of months. It has had a specific enthusiasm for blockchain innovation that supports the cryptographic forms of money as of now available. Blockchain is a circulated record framework that guarantees to reform many procedures everywhere monetary establishments, for example, cash exchanges and exchange back, for instance.
Not long ago, Mizuho finished an exchange fund exchange by means of a blockchain. This included sending data from Japan to Australia with key records, for example, the letter of credit, all being finished on an advanced stage upheld by blockchain innovation.
Japan's administration has likewise been interested in the possibility of advanced monetary standards. Not long ago, bitcoin was legitimized as a lawful installment technique in Japan and expansive retailers started tolerating the cryptographic money. Yet, money is still vigorously utilized as a part of Japan. The J-Coin could be an approach to wean Japanese society off of money.