Japanese Yen-Based Digital Currency from Japanese Companies

Japanese yen-based digital currency move came from Japanese companies. The coin will be tested in 2022.

Japan is also preparing to take an important step in digital currency. According to the statements, a consortium of 70 companies in the country will test a 'Japanese yen-based' digital currency, which will be supported by bank deposits, in 2022 and will take an important step in making large-scale fund transfers between companies faster. In the statements made in the past days, it was noted that this digital currency, temporarily called 'DCJPY', will be supported by the three largest banks of the country (Mitsubishu UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group). At the press conference held on Wednesday, these banks explained that they have been planning to create a common infrastructure for digital payments for a long time and have been discussing this issue for the past year.

Tests Will Start in 2022

According to the statements, companies plan to start testing the digital currency in the coming months. Also, let's not forget that this digital currency is a different project from CDBC, which is planned to be issued by the Bank of Japan. According to the consortium, DCJPY could guide the central bank on CDBC in the future and allow the country to gain experience with digital currencies.