Large companies in Japan will test a non-government digital currency Over 30 large Japanese companies will begin experiments with a private version of the digital yen next year, writes Reuters.

Large companies in Japan will test a non-government digital currency

Over 30 major Japanese companies will begin experimenting with a private version of the digital yen next year, Reuters writes..

The initiative aims to further spread digitalization in a country with one of the most active cash flows in the world, its participants say. The group includes the three largest banks, brokers, telecommunications firms, infrastructure services and retailers. They intend to use a single platform for settlements.

"There are many digital platforms in Japan, none of which are large enough to outperform cash payments," said former Bank of Japan governor and current group chairman Hiromi Yaamaoka. - We do not want to create another isolated platform. We want to create a framework that will make different platforms interoperable. ".

He added that private banks will be engaged in the issue of digital currency as part of the experiment, but this task can be entrusted to other entities..

The Bank of Japan is also working on its own digital currency initiative and expects to begin testing it next year..

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