• Japan to Test Bank-Backed Cryptocurrency Next Year

    2 days ago - By Hypebeast

    Japan will soon be testing its very own bank-backed cryptocurrency. The new coin - tentatively called DCJPY - will be backed by a partnership between three of the country's largest banking corporations: Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Financial Group. Up to 70 Japanese firms have already announced that they would launch the Yen-based cryptocurrency in 2022, and the three major players have been engaging in discussions since 2020 to build the necessary infrastructure for digital payments. Other members in the 70-strong consortium include massive...
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