Japan To Implement Bank-deposit-backed Digital Currency in 2022

A new digital currency backed by bank deposits is set for a test run in Japan as early as this year, an effort that will involve the nation's top banks and about 70 other companies. From a report: The test run will focus on the digital currency's feasibility for business transactions, such as large payments between companies. The group aims to bring the currency into circulation as soon as the latter half of 2022. The Digital Currency Forum announced the trial on Wednesday. The Forum includes MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan Post Bank and the Nippon Telegraph and Telephone group. East Japan Railway, which operates Tokyo's busy Yamanote Line, top trading house Mitsubishi Corp., Kansai Electric Power and retail giant Seven & i Holdings are also involved. Tokyo-based cryptocurrency exchange service provider Decurret, a subsidiary of Internet Initiative Japan, and others will lead the trial.

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