More than 30 top Japanese companies to start CBDC testing in 2021
Leading Japanese Companies to Start Joint CBDC Testing Next Year
Test digital currency will be issued by Japanese banks
The ex-head of the Bank of Japan suggested that not only banks
Organizing council from more than 30 major Japanese companies to begin official testing of digital currency in 2021 year
More than 30 of the largest companies in Japan are initiating experiments using the central bank digital currency (CBDC) in 2021. About this writes Reuters, citing a statement from the organizing council. Reportedly, the decision to study the digital currency linked to the Bank of Japan’s plan to issue a digital yen as part of the global digitalization of the economy.
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It is noted that the council already includes the three largest banks in Japan, brokerage and telecommunications companies, utilities and retailers. During CBDC testing, banknotes and coins may stay in the past due to a new financial instrument – digital currency central banks (CBDC). As of… More will be a unified digital currency settlement platform was tested. The ex-chapter Bank of Japan Hiromi Yamaoka considers, that the need for testing is also due to the lack of a single, large digital platform in the country.
Despite the fact that, as part of the experiment, it is the banks that will become the issuers of the digital yen, the possibilities of issuing CBDC from others companies not excluded, he added.
The exact start date for testing Japanese CBDC remains unknown.
Japan remains one of the countries where more Total cash is involved in economic transactions funds. Reuters notes that non-cash payments in Japan account for only 20% of the total amount of settlements, which is much lower than in USA from 45% and in China from 70%. Russia, by the way, it is also ahead of Japan, since according to the results of the Mastercard survey, 36% of respondents use contactless payments using a smartphone.
Japanese authorities tried to develop cashless transactions for improving productivity. Topics not less due to Togo, that various digital platforms in Japan are constantly competing and remain incompatible with each other, a single course development digitalization there is still no country in the country.
Despite the fact that the three leading banks in Japan – Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group have deployed their own digital payment systems, they are technically lagging behind, eg, PayPay, the payment system of the Japanese conglomerate SoftBank.
Are countries ready for the global implementation of CBDC – read in a special material BeInCrypto.
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