Japanese banks are thinking of making their own cryptocurrency called the J-Coin

Japanese banks are looking to launch their own digital currency called the J-Coin to wean consumers off cash.

The Financial Times reported Tuesday that a consortium of banks including Japan Post Bank was involved and that the J-Coin would launch in time for the Tokyo Olympics in 2020. The Mizuho spokesperson declined to comment on the involvement of other banks or the timeline.

Mizuho has been exploring the digital currency space for the past few months. It has had a particular interest in blockchain technology that underpins the cryptocurrencies currently on the market. Blockchain is a distributed ledger system that promises to revolutionize many processes at large financial institutions, such as money transfers and trade finance, for example.