30 Japan Firms to Collaborate on Private Digital Yen: Reuters

A group of Japanese companies plans to develop and test a private digital currency that would work alongside cash.

AccessTimeIconNov 19, 2020 at 8:58 a.m. UTC
Updated Sep 14, 2021 at 10:32 a.m. UTC

A group of Japanese companies has said it will develop and test a private digital currency that would work alongside cash.

  • Reuters reported Thursday that about 30 firms from sectors such as telecoms, utilities and retail will carry out the trials in 2021.
  • The digital yen would be built on a common settlement platform and issued by banks during the trials, later possibly being issued by other entities.
  • “We don’t want to create another silo-type platform. What we want to do is to create a framework that can make various platforms mutually compatible,” Hiromi Yamaoka, chair of the group and formerly an executive at the Bank of Japan, told Reuters.
  • The overarching aim would be to encourage people in the cash-loving country to use a digital form of money, the group said.
  • The Bank of Japan, which is the nation's central bank, has also said it would work on a national digital currency and hold tests next year.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities

As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.

CoinDesk - Unknown
2
CoinDesk - Unknown
June Was Bitcoin’s Worst Month Ever

Plus, European crypto regulation comes into view.

CoinDesk - Unknown
3
CoinDesk - Unknown
What Traders Are Saying About Bitcoin's Biggest Monthly Loss in 11 Years

Poor macroeconomic sentiment, fears of inflation and systemic risks from the crypto market pushed the cryptocurrency below 2017’s highs.

CoinDesk - Unknown
4
CoinDesk - Unknown
Three Arrows Capital Files for Bankruptcy in New York Tied to British Virgin Islands Proceeding

A British Virgin Islands court ordered Three Arrows' BVI branch into liquidation earlier this week.

CoinDesk - Unknown