Japanese tourist area gears up for crypto pilot

Mitsubishi Research Institute (MRI) and railway company Kintetsu Group are issuing a cryptocurrency for use in a popular tourist area in Japan.

The token, dubbed Kintetsu Shimakaze Coin, will be available from 11th November to 31st January in the Ise-Shima region. During the pilot project, 15 establishments will accept it, including the Shima Spain Village, Miyako Resort Shima Bayside Terrace, Kashikojima Espana Cruise and the Makonde Art Museum.

To use the stablecoin, which is pegged to the Japanese yen, users need to download an app for registration. They will be able to top up in 1,000 yen blocks, paying a 10% premium, up to 100,000 yen in total. Transfers of the coin will be possible between participants. 

Kintetsu is looking to eventually issue a permanent cryptocurrency for use along its railway lines, according to Nikkei.

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