Japanese companies will test bank-backed cryptocurrency in 2022

Japan is about to take an important step towards developing a digital currency. for every , a consortium of about 70 Japanese companies said this week that they plan to launch a cryptocurrency in yen in 2022. What is notable about the project, tentatively called “DCJPY,” is that three of the country’s largest banks will support it. 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 common settlement infrastructure for digital payments.

Other members of the consortium include East Japan Railway Corporation and Kansai Electric Power Corporation. They plan to start testing the coin in the coming months. The experience is separate from the work the Bank of Japan is doing to create a digital yen. CBDCs are a thing and are also being explored. For Japan, there is an additional incentive to pay. It is a country famous for its love of money. Until recently in 2018, all retail transactions in the country were completed in banknotes and coins. It’s something the government of Japan has as a way to make the country’s economy more consumer friendly and productive.

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