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By Leika Kihara
TOKYO (Reuters) – A consortium of roughly 70 Japanese companies, together with the nation’s three mega-banks, will start experiments to launch a digital foreign money as early because the latter half of 2022, the Nikkei newspaper stated on Wednesday.
The digital foreign money shall be backed by financial institution deposits and use a standard platform to hurry up large-scale fund transfers and settlement amongst firms, and minimize prices, the paper stated.
The consortium, together with Mitsubishi UFJ Monetary Group Inc, Mizuho Monetary Group Inc and Sumitomo Mitsui Monetary Group Inc, have been assembly repeatedly since final yr to check methods to construct a standard settlement infrastructure for digital funds.
The three banks have every rolled out their very own digital fee techniques however lag efforts by tech companies similar to SoftBank Group unit …
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