Soramitsu, a blockchain startup based in Japan, is reportedly planning to roll out a new digital currency called White Tiger, which will be tested at the University of Aizu in Fukushima.
A Nikkei publication recently revealed that the blockchain company plans to start testing the cryptocurrency through retailers inside the University of Aizu. The latter is located 300KM north of Japan’s capital, Tokyo. According to the publication, ‘White Tiger’ will be accepted at shops and cafeteria inside the university. The rollout will be a test phase, and the cryptocurrency will be operated on the Iroha, which is Soramitsu’s hyperledger.
The news report also revealed that the cryptocurrency launch at the university will kick off on June 1, and it will be gradually made available at other locations outside the university campus. The cryptocurrency launch is a significant development for Japan’s cryptocurrency community and for the country. This is because the cryptocurrency is part of a larger smart city campaign backed by Aizu-Wakamatsu city officials and private organizations based in the city.
Pushing for digital transactions
Meanwhile, the cryptocurrency rollout at the university is a critical step towards finding out how ‘White Tiger’ will be received. The area has approximately 120,000 who will be able to access the cryptocurrency through charge cards or apps on their smartphones. The idea behind the launch within small demography is to see how effective it will be as a digital alternative to fiat money and whether the people will prefer the digital alternative.
The launch comes when the coronavirus has resulted in a call on people to avoid physical contact. The physical exchange of cash is one of the ways in which the virus can be transmitted easily from one person to another. The availability of digital alternatives that will not require physical interaction will thus contribute towards avoiding the viral threat.
Soramitsu has a strong reputation in the cryptocurrency and blockchain community. It was one of the companies that were involved in developing Cambodia’s central bank digital currency. The new development, therefore, adds to its portfolio.