Back in July, some details of the project to create the Japanese digital currency (CBDC) became known. The CBDC concept is going to be formed in 2022.
This week, Japanese media reported that about 70 companies and banks are planning to participate in the development and testing of the token. An experimental version of CBDC should appear as early as 2022.
For digital yen transactions, Japanese authorities are planning to develop a platform. The token can be used both when paying for goods and services, and when placing funds in banks in the form of deposits.
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The CBDC is being developed under the auspices of the DeCurret consortium, which unites financial and industrial corporations such as Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group.
The journalists found out that representatives of these giants have been holding talks regularly since 2020 on accelerating the digitalization of the state's payment system. The Bank of Japan expects to complete the first phase of testing its yen-pegged token by the end of next spring.