Japanese company will test a bank-backed cryptocurrency in 2022

Japan is about to take an important step towards the development of digital currency.Every , A consortium of about 70 Japanese companies said this week that they plan to launch a yen-based cryptocurrency in 2022. It is worth noting that the project is temporarily called “DCJPY”, and the project will be supported by Japan’s three major banks. At a press conference on Wednesday, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group stated that they have been meeting since last year to build a shared digital payment settlement infrastructure.

Some other members of the consortium include East Japan Railway Company and Kansai Electric Power Company. They plan to start testing the currency in the next few months.The experiment is separate from the ongoing work of the Bank of Japan Create a digital yen. CBDC is a thing with Also under exploration. For Japan, there is additional motivation to promote. This is a country known for its love of cash. Even as recently as 2018, 100% of all retail transactions nationwide are done with banknotes and coins.This is a matter of the Japanese government As a way to make the country’s economy more consumer-friendly and productive.

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