Japan to launch national cryptocurrency in 2022

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Despite the fact that cash is still actively used in Japan (in 2018, 80% of payments were made with paper banknotes and coins), local banks and dozens of large companies, judging by information from Reuters, have created a consortium and announced plans launch a national cryptocurrency in 2022. Currently, this consortium includes about seventy companies, including such giants as Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group. Together they will work on the creation of a yen-based cryptocurrency, which, according to preliminary information, will be named DCJPY.

It is worth noting that DCJPY will differ in many ways from most cryptocurrencies in the digital market – the director of the DeCurret exchange, which is the conditional coordinator of the newly minted consortium, said that DCJPY will have an impressive foundation of bank deposits. And ultimately, companies and banks plan to create a full-fledged infrastructure for conducting digital payments, which, according to the consortium members, will ultimately increase the speed of movement of funds and simplify settlements between companies, both in the domestic market and in the field of international payments.

In addition, they do not plan to delay testing a new form of payment in Japan – the first stage of testing the national cryptocurrency should start in the coming months. If the test is successful, the second stage is scheduled for April 2022 – in the same year, the consortium wants to fully launch its solution. And although so far we are talking about large companies and banks, the authors of the cryptocurrency also talk about retail, the field of rail transportation and more. This means that in the foreseeable future, Japan may abruptly switch to cryptocurrency as the main form of payment for goods and services.

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