Japanese firms will test a bank-backed cryptocurrency in 2022

Japan is about to take a significant step toward developing a digital currency. Per Reuters, a consortium made up of approximately 70 Japanese firms said this week they plan to launch a yen-based cryptocurrency in 2022. What’s notable about the project, tentatively called “DCJPY,” is that three of the country’s largest banks will back it. At a news conference on Wednesday, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group said they’ve been meeting since last year to build a shared settlement infrastructure for digital payments.