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NYK develops US-dollar pegged digital currency for crew members
来源： 编辑：编辑部 发布：2018/11/28 09:41:07
JAPANESE container shipping line NYK is introducing its own digital currency for crew members to make it easier for the seafarers to manage, send and convert money into their local currencies, reported Bloomberg citing a source with knowledge of the matter.
The carrier is believed to be developing its own digital cash, pegged to the US dollar, to avoid wild swings in value. It wasn't clear whether it would use blockchain or be a cryptocurrency variant.
NYK's initiative, which will use smartphones, is on track to debut in the first half of 2019, the sources said.
Most seafarers tend to be paid in cash or have their pay transferred into a bank account. Since they come from multiple nations and often have to move money from one country to another, digital cash offers the possibility of making it easier for them to track and spend their incomes.
NYK is working with banks and software developers to make sure that its digital money can be converted into local currencies, the sources said. Tests using shipboard telecommunications, such as satellites, have been successful and the shipping line is said to be seeking a patent for its technology. The Tokyo-based company is also interested in turning it into a service that it can offer to other shippers as well, the sources said.
The shipping line owns or controls 800 ships, each with 20 to 23 crew. Each vessel usually has $40,000 to $60,000 aboard to cover salaries and cash-based expenses. The majority of the seafarers working for Japanese shipping companies are Filipino or Chinese, according to data from Japan's transport ministry.
The carrier is believed to be developing its own digital cash, pegged to the US dollar, to avoid wild swings in value. It wasn't clear whether it would use blockchain or be a cryptocurrency variant.
NYK's initiative, which will use smartphones, is on track to debut in the first half of 2019, the sources said.
Most seafarers tend to be paid in cash or have their pay transferred into a bank account. Since they come from multiple nations and often have to move money from one country to another, digital cash offers the possibility of making it easier for them to track and spend their incomes.
NYK is working with banks and software developers to make sure that its digital money can be converted into local currencies, the sources said. Tests using shipboard telecommunications, such as satellites, have been successful and the shipping line is said to be seeking a patent for its technology. The Tokyo-based company is also interested in turning it into a service that it can offer to other shippers as well, the sources said.
The shipping line owns or controls 800 ships, each with 20 to 23 crew. Each vessel usually has $40,000 to $60,000 aboard to cover salaries and cash-based expenses. The majority of the seafarers working for Japanese shipping companies are Filipino or Chinese, according to data from Japan's transport ministry.