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Kintetsu Group Tests New Own Cryptocurrency In Japan

Kintetsu Group Holdings Co., Ltd., a Japanese investment group promotes cryptocurrency usage in the country through the use of virtual community currency Kintetsu Harukas Coin.

Community Currency, Kintetsu Harukas Coin Promotion

As part of a new smartphone-based shopping system employing blockchain technology, the Kintetsu Group Holdings Co., Ltd., a Japanese firm announced plans of social testing of its virtual community currency, the Kintetsu Harukas Coin recently. Their Group operates a railway that connects major cities in the Kinki and Tokai regions with tourist destinations.
As they aim after the full implementation of the cryptocurrency in 2019, the proposed experiment would be the second testing as the first experiment was carried out in 2017. The second experimenting would be carried out in conjunction with the Mitsubishi Research Institute, Inc., a Japanese think tank.
The proposed social experiment has been slated to hold between October 1 and December 10. Over 400 locations have been planned to host the experiment. The locations include the Kintetsu department store chain owned by the Kintetsu Group and also the Haruka 300 observatory atop the 300-meter high Abeno Harukas tower, Japan’s tallest building located in Osaka, and the Abeno Harukas Art Museum.
As part of the preparation for the experiment, the public has been notified through the official site that it has started accepting applications from users of the Kintetsu-affiliated credit card and the KIPS Card. This grants rewards for shopping in Kintetsu affiliate store and participation in the experiment enabled through it. Notably, more than 1,650,000 people are presently using the KIPS card.

Mode Of The Cryptocurrency Experiment

For participants to partake in the experiment, they are to download an application to their smartphone ahead and scan a QR code with the application at the designated stores for the experiment.
The exchange rate for the Kintetsu Harukas Coin is one token for one yen, and the users will be able to transfer coins among themselves. The participating stores will be able to analyze their user’s customer base and shopping data, to aid sales promotion.
Mr. Kazuhito Fujita, the manager of the Business Development Division, stated in an interview that the firm had been a trailblazer in the rail technology by introducing it to communities. However, they are furthering their cause into aiding workers with financial infrastructure.
Meanwhile, during the first experiment made in 2017, only a few were aware of cryptocurrencies, not to consider a community-based cryptocurrency experiment. However at this period, as Vitalik Buterin stated, all educated persons are aware of cryptocurrency, as many people are ready to participate in this experiment.

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