Japan’s SBI Holdings, an investor in both R3 and Ripple, announced a new S coin platform that uses R3’s enterprise blockchain Corda to issue regional currencies. SBI says it started testing the coins with group employees this month. The purpose is a digital currency issuance platform for electronic money.
SBI also has the Money Tap platform developed using Ripple technology to enable bank to bank payments. Most Japanese bank payments can only function during office hours, but Money Tap payments work 24/7. Additionally, Money Tap enables retail merchants to accept bank payments. The aim is for these Money Tap merchants also to accept S coins in addition to bank payments.
The Group is promoting regional revitalization projects, and many of the Money Tap partners are regional. So local currencies may be issued as part of this initiative.
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