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Japanese companies will test a bank-sponsored cryptocurrency in 2022

Japan is about to take action on digital currency. Per , A consortium made up of about 70 Japanese companies said this week it plans to launch a cryptocurrency-based yen in 2022. A well-known project, tentatively called “DCJPY,” is that three of the country’s largest banks will return. At a press conference on Wednesday, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group said they had been meeting since last year to build a joint venture to pay for digital.

Some of the other members of the consortium include the East Japan Railway Company and Kansai Electric Power Company. He plans to start testing the money in the coming months. This experiment is different from the work done by the Bank of Japan create a digital yen. CBDCs and others and is exploring as well. For Japan, there is an extra incentive to push. It is a money-loving country. Even as recently as 2018, on all trade in the country was completed notes and coins. It’s something that the Japanese government has as a way to make the country’s economy easier to use and more profitable.

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