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Nov. 23, 2018

According to a source familiar with the matter, Nippon Yusen K.K., the largest Japanese shipping company in the world, has introduced its own digital currency for crew members, Bloomberg states.

Nippon Yusen K.K is Japanese shipping company which provides ocean, land, and air transportation services worldwide. It’s also considered to be one of the most largest shipping companies in the world.

It’s said that Nippon Yusen will use digital currency in order to simplify the conversion of currencies for seafaring workers. Nippon Yusen’s digital cash reportedly will be pegged to U.S. dollar.

Bloomberg states, that Nippon Yusen is already cooperating with financial institutions to be sure that its currency will be able to be converted into local assets.

Earlier, Christine Lagarde, Managing Director of the International Monetary Fund (IMF), during the Singapore Fintech Festival, called on central banks to change their mindset and study the possibility of issuing their own digital currency in order to compensate for the decline in cash use.

Back then, Lagarde said that she wasn’t fully convinced in the concept of cryptocurrency in a broader sense, though she admitted that there could be a place in the economy for state digital currencies or similar instruments.

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