{"id":14091,"date":"2021-11-25T09:37:43","date_gmt":"2021-11-25T08:37:43","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=14091"},"modified":"2021-11-25T09:37:55","modified_gmt":"2021-11-25T08:37:55","slug":"japanese-companies-form-a-group-to-develop-a-yen-based-digital-currency","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/japanese-companies-form-a-group-to-develop-a-yen-based-digital-currency\/","title":{"rendered":"Japanese companies form a group to develop a Yen-based digital currency"},"content":{"rendered":"\n
About 70 of the largest financial institutions in Japan<\/a> have formed a group in order to develop a new Yen-based digital currency in 2022. This move is indicating that the private sector is only now beginning to embrace blockchain-based payment. <\/h5>\n\n\n\n
\"Japanese<\/figure>\n\n\n\n

Kazuhiro Tokia, the CEO of crypto exchange DeCurret, may have made a statement claiming that the new digital currency, nicknamed ‘DCPJY,' will be backed by bank deposits and rely on a single infrastructure to handle big fund transfers\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> and payments among member organizations.<\/p>\n\n\n\n

The consortium, which comprises Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group, is led by DeCurret.<\/p>\n\n\n\n

Kansai Electric Power Co Inc., Japan Post Bank Co Ltd., East Japan Railway Co, and Nippon Telegraph and Telephone Corp. are among the consortium's other members.<\/p>\n\n\n\n

In terms of total deposits, Mizuho, Mitsubishi, Sumitomo, and Japan Post Bank are the four largest financial institutions<\/a> in Japan.<\/p>\n\n\n\n

According to Reuters, the 70 Japanese corporations have been meeting on a regular basis since 2020 to discuss ways to create a new digital payment settlement platform.<\/p>\n\n\n\n

The Bank of Japan's CBDC is not affected by this development<\/h2>\n\n\n\n

Despite this, the Bank of Japan (BOJ) remains committed to the establishment of a central bank digital currency (CBDC).<\/p>\n\n\n\n

The CBDC pilot testing should be finished by March 2022, according to Coingape. The BOJ wants to make electronic payment services and the so-called digital yuan<\/a> work together seamlessly.<\/p>\n\n\n\n

Despite the fact that the BOJ is at the vanguard of this public-sector endeavour, the ultimate goal is to encourage private-sector acceptance of a CBDC.<\/p>\n\n\n\n

According to Toshihide Endo, a DeCurret consultant, the infrastructure being created by the coalition of 70 Japanese companies is in line with the BOJ's CBDC framework.<\/p>\n","protected":false},"excerpt":{"rendered":"

About 70 of the largest financial institutions in Japan have formed a group in order to develop a new Yen-based digital currency in 2022. This move is indicating that the private sector is only now beginning to embrace blockchain-based payment. Kazuhiro Tokia, the CEO of crypto exchange DeCurret, may have made a statement claiming that […]<\/p>\n","protected":false},"author":12,"featured_media":6201,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4161,26],"tags":[5508,5507,5492,5506,5505],"class_list":["post-14091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cbdc","category-cryptocurrencies","tag-blockchain-2","tag-cbdc-2","tag-digital-currency-2","tag-japan-2","tag-yen-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/07\/Japan-calls-for-the-regulations-of-Stablecoins.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=14091"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/14091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/6201"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=14091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=14091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=14091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}