Japan intends to create its own cryptocurrency
There are a number of Japanese companies interested in creating Japan’s first cryptocurrency. Reuters says that a consortium of approximately 70 Japanese companies is aiming to launch a yen-based cryptocurrency in 2022.
Unlike other cryptocurrencies, which are not regulated, this digital currency – which for now has the name “DCJPY” – will be backed by three of the largest banks in Japan: the Mitsubishi UFJ Financial Group, the Mizuho Financial Group and the Sumitomo Mitsui Financial Group.
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It is believed that the consortium and these three banks will begin testing the new cryptocurrency in the coming months.
“A digital currency system built on a bank deposit-backed common platform will fit the CBDC that could be planned and implemented” in Japan, Toshihide Endo, a former head of Japan’s Financial Services Agency who is currently a special advisor to DeCurret, said, referring to a central bank digital currency.