Japanese Consortium To Test Bank Backed Digital Currency In 2022
The consortium, which includes Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, have been meeting regularly since last year to build a common settlement infrastructure for digital payments. DCJPY will be backed by bank deposits and use a common platform, which would allow large-scale fund transfers, according to cryptocurrency exchange DeCurret CEO Kazuhiro Tokita, who is also the leader of the consortium. It’s also worth noting that this new digital currency is completely separate from the Yen-based Central Bank Digital Currency (CBDC) being developed by the Bank of Japan, which is just a virtual form of a country’s official currency and can be used as legal tender....