Japanese firms to start experimenting with digital currency in 2021
More than 30 major Japanese companies will begin experiments in 2021 to create a common, private digital currency. The step is taken to encourage digitalization in Japan. Japan is one of the most cash-loving countries. The Bank of Japan recently announced the plan to experiment with Digital Yen, the initiative is a move to catch up with the global advances in financial technology. The group involved in this experiment consists of the three biggest banks as well as brokerages, telecommunication firms, utilities, and retailers.
Currently, cashless payments in Japan stood at 26.8 % in 2019.
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