Mizuho Financial Group, a Japan-based banking holding company, has announced its plans to introduce a new cryptocurrency.

According to the company, the cryptocurrency will have parity with fiat currency, Yen. And, consumers will be able to make payments and transfers using a smartphone app. The firm has also claimed not to charge anything to the users and retail shops for doing cryptocurrency transactions.

Mizuho has planned to roll out the coin to retail shops and regional banks. This will enable users to do transactions such as purchases and money transfers at lesser charges. The crypto coin would be convertible to Yen on a one-to-one basis via mobile app and QR codes that can be scanned at stores.