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Currencies

J Coin: Japanese banks' virtual currency without the volatility

Envisioned answer to Apple Pay and Alipay would only be as wild as yen

Mizuho and other financial institutions aim to create a yen-linked digital currency by 2020.   © Reuters

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.

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