Japanese firms to launch a yen-based cryptocurrency in 2022 – three of the country’s largest banks will back it

Japanese firms to launch a yen-based cryptocurrency in 2022 – three of the country’s largest banks will back it

BUSINESS/ECONOMY| Nov 26, 2021 | WOZINGA NEWS

Japanese firms to launch a yen-based cryptocurrency in 2022 – three of the country’s largest banks will back it

  • Three of the country’s largest banks are working together on ‘DCJPY.’
  • The Japanese government attempts to improve and make the country’s economy more consumer-friendly and productive.

By Elah Mae Ariate Wozinga Staff

Japan is ready to take a huge step forward in the development of a digital currency.

A group of about 70 Japanese companies announced this week. They want to create a yen-based cryptocurrency in 2022, Reuters reported.

The project, initially dubbed “DCJPY,” is unique since three of Japan’s top banks will back it.

Three of the country’s largest banks are working together on ‘DCJPY.’

Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group said they’ve been meeting since last year to develop a shared settlement infrastructure for digital payments at a news conference on Wednesday.

The East Japan Railway Company and Kansai Electric Power Company are among the consortium’s other members.

They intend to begin testing the money in the coming months. The project is unrelated to the Bank of Japan’s efforts to develop a digital yen.

Japanese Govt. to improve the country’s economy

China and the United States are both looking into CBDCs. There is an additional motivation for Japan to go forward. It’s a country known for its fondness for cash.

Even as recently as 2018, notes and coins accounted for 80 percent of all retail transactions in the country.

The Japanese government attempts to improve and make the country’s economy more consumer-friendly and productive.

Do you like The Japanese Firms' idea to create a yen-based cryptocurrency?

Created with Perfect Survey

Statistics - View the results

Leave a Reply

Your email address will not be published.

Open chat
Need Help?
Hello!
Can we help you?