Major Japanese corporation driving cryptocurrency usage

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Summary

The exchange rate for the Kintetsu Harukas Coin will be one-for-one with the Japanese Yen. The coin is available only in Takayama-shi, Hida-shi, and Shirakawa-mura and uses blockchain, which is a basic cryptocurrency technology. Sarubobo Coin is a regional cryptocurrency developed jointly by Hidashin Association and iRidge, Inc., a smartphone application development company. Users are able to make payments using the smartphone application at retail stores and restaurants. The Hidashin Association in Gifu Prefecture started a social experiment using Sarubobo Coin in May 2017 and officially started services for the general public on December 4th last year.

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On September 7, Kintetsu Group Holdings Co., Ltd., a company listed in Japan that primarily operates a railway connecting major cities in the Kinki and Tokai regions with tourist destinations, announced the launch of a social experiment using the virtual community currency Kintetsu Harukas Coin as part of a new smartphone-based shopping system employing blockchain technology.

The experiment will be carried out in cooperation with Mitsubishi Research Institute, Inc., a Japanese think tank. This is the second experiment following one conducted in September 2017, and the company appears to be aiming at the full-scale launch of Kintetsu Harukas Coin in early 2019.

The social experiment will be conducted between October 1 and December 10. The Kintetsu Group owns the Kintetsu Department Store chain where the experiment will be conducted in-store, in addition to 400 other locations including the Harukas 300 observatory atop the 300 meter high Abeno Harukas tower (Japan’s tallest...

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