Japanese firms will test a bank-backed cryptocurrency in 2022

Japan is about to take a vital step towards growing a digital foreign money. Per , a consortium made up of roughly 70 Japanese firms stated this week they plan to launch a yen-based cryptocurrency in 2022. What’s notable in regards to the project, tentatively known as “DCJPY,” is that three of the nation’s largest banks will again it. At a information convention on Wednesday, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group stated they’ve been meeting since final year to build a shared settlement infrastructure for digital funds.

Some of the opposite members of the consortium embrace the East Japan Railway Company and Kansai Electric Power Company. They plan to start out testing the foreign money in the approaching months. The experiment is separate from the work the Bank of Japan is doing to create a digital yen. CBDCs are one thing and the are exploring as effectively. For Japan, there’s a further incentive to the push. It’s a nation that famously loves money. Even as just lately as 2018, of all retail transactions in the nation had been accomplished in notes and cash. It’s one thing the federal government of Japan has as a option to make the nation’s financial system extra consumer-friendly and productive.

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