TOKYO -- Dozens of Japanese banks are uniting behind a new digital currency they call J Coin, looking to fend off global e-payment players and amass a treasure-trove of consumer data.
The consortium includes megabank Mizuho Financial Group and Japan Post Bank, as well as numerous regional banks. Together, they have established a company to handle J Coin. And although the name might bring to mind that other much-hyped virtual currency, this one would be free of bitcoin's famous volatility.
