Japan's megabanks to launch digital yen in 2022
The largest institutions in the financial sector in Japan are actively adopting cryptocurrencies. They are interested in whether they can be used to facilitate transfers of large funds between banks.
To study the possibilities of cryptocurrencies, they have united into a single consortium. There are 70 companies in it. The largest banks in Japan have recently joined it. They plan to release a CBDC in 2022, dubbed DCJPY.
In addition to developing a national cryptocurrency, the consortium is also involved in the implementation of payment systems on the blockchain. It is headed by DeCurret, the largest exchange in Japan. The association also includes banks, payment services, financial platforms and private organizations.
Japan considers the development of the CBDC project a priority. The cryptocurrency, which will be issued by the National Bank of Japan, will forge strong links between the digital yuan and the electronic payment system.
This will allow cross-border payments between the blockchains of the two national cryptocurrencies. Given the partnership between China and Japan, this will be very important for the country's residents and business representatives.
The bank's management expects that the digital yen will be in demand in mutual settlements in the private sector. The pilot test of the project is scheduled to be completed by March 2022.