Japanese megabanks join consortium launching yen-based digital currency By Cointelegraph

A consortium of roughly 70 Japanese corporations, together with the nation’s greatest monetary establishments, have joined forces to trial and launch a brand new yen-based digital currency in fiscal 2022, sending a robust sign that the non-public sector was embracing blockchain-based cost methods.

The new digital currency, dubbed “DCJPY,” will likely be backstopped by financial institution deposits and depend on a typical platform to expedite massive fund transfers and settlements among the many taking part corporations, in accordance to Kazuhiro Tokia, the chief government of cryptocurrency alternate DeCurret.