Osaka-based railway company and Mitsubishi Research Institute (MRI) are launching a local cryptocurrency for using in the Ise-Shima region, a popular tourist area known for its beaches and a national park.
The coin, dubbed Kintetsu Shimakaze Coin, is a stablecoin pegged to the Japanese yen that will be available only from Nov. 11 to Jan. 31 next year. The experiment is a highly limited trial — only 15 establishments in the Ise-Shima region will accept the coin, including the Shima Spain Village, Kashikojima Espana Cruise, Miyako Resort Shima Bayside Terrace, and the Makonde Art Museum.
To use Kintetsu Shimakaze Coin users have to instal the Kintetsu Shimakaze Coin app. They will be able to top up in 1,000 yen blocks, paying a 10 percent premium, up to 100,000 yen in total. At the end of the trial period, the coin will be retired and cannot be used.
Kintetsu plans to eventually issue a permanent cryptocurrency for use along its railway lines, according to a news report from Nikkei.