Japanese companies will test bank-backed cryptocurrencies in 2022

Japan is about to take a big step towards the development of digital currencies.Around , A consortium of about 70 Japanese companies said this week that it plans to launch a yen-based cryptocurrency in 2022. The highlight of this project, tentatively called “DCJPY,” is that it is supported by three of the country’s largest banks. At a press conference on Wednesday, Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group said they have been meeting since last year to build a shared payment infrastructure for digital payments.

Other members of the consortium include East Japan Railway Company and Kansai Electric Power. They plan to start testing currencies in the coming months. This experiment is different from the work the Bank of Japan is doing to create a digital yen. What is the CBDC and we are investigating as well. For Japan, there are additional incentives for push. It is famous as a country that loves cash. As recently as 2018, all domestic retail transactions were completed with banknotes and coins. This is what the Government of Japan has as a way to make the country’s economy more consumer-friendly and productive.

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