30 Japanese Companies Will Test The Digital Yen

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A group of the three largest banks, brokerages and retailers will participate in the digital yen pilot. The central bank has also set up a devision for digital yen development, indicating the urgency of the issue as neighboring China is close to fully deploying the digital yuan. In addition to government initiatives, corporations want to create a common digital currency platform. According to a report by the Bank for International Settlements, 80% of the world's central banks are exploring the possibility of creating a digital analogue of their fiat currency. Efforts to create a cashless payment system in Japan have intensified this year amid the coronavirus pandemic and an increased worldwide push for government-backed digital currencies.

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A group of the three largest banks, brokerages and retailers will participate in the digital yen pilot. The project will begin in 2021.

Efforts to create a cashless payment system in Japan have intensified this year amid the coronavirus pandemic and an increased worldwide push for government-backed digital currencies. In addition to government initiatives, corporations want to create a common digital currency platform. Hiromi YAMAOKA, a former head of the Bank of Japan who leads the new group, said the project aims to create a single platform that can be accessed in a variety of ways.

The central bank has also set up a devision for digital yen development, indicating the urgency of the issue as neighboring China is close to fully deploying the digital yuan.

According to a report by the Bank for International Settlements, 80% of the world's central banks are exploring the possibility of creating a digital analogue of their fiat currency.

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