Main page News, Banking, Japan, stablecoins

Japanese bank, the First Bank of Toyama, has launched a pilot scheme for its own blockchain-powered stablecoin aiming to deliver special token in October 2019, according to the report of local news outlet Nikkei Asian Review.

As it was stated, the token named the First Bank Coin (FBC) will initially be used to make remittances to its employees via a smartphone app and will be accepted by stores in the bank’s headquarters in Toyama. The token will be pegged at a rate of 1:1 with the Japanese yen.

The First Bank of Toyama was founded in 1944. Nowadays It provides various banking and financial services for individuals and corporate customers. Blockchain-powered stablecoin is the first experiment of the bank with cryptocurrencies.

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