Japanese megabanks join consortium launching yen-based digital currency
Private-sector behemoths in Japan are exploring digital currencies as a way to streamline large fund transfers and settlements. A consortium of roughly 70 Japanese companies, including the country’s biggest financial institutions, have joined forces to trial and launch a new yen-based digital currency in fiscal 2022, sending a strong signal that the private sector was embracing blockchain-based payment systems. The new digital currency, dubbed “DCJPY,” will be backstopped by bank deposits and rely on a common platform to expedite large fund transfers and settlements among the participating....
Related News
42 banks are joining a newly-created Japanese blockchain consortium to enhance the cross-border payment industry. The consortium will focus on research and development, and will cover domestic and foreign exchange services by utilizing blockchain technology. SBI Holdings and Ripple Asia Launch 42 Bank Consortium. .The Japanese blockchain organization....
After many years of digital currency development, Japan’s largest bank, MUFG, has officially introduced its own stablecoin project. Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group, is working hard to take the lead in stablecoin development, launching a proprietary stablecoin project.On Wednesday, MUFG introduced its stablecoin platform called “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.The platform aims to enable a “universal digital asset payment method,” providing cross-chain....
New York-based blockchain startup R3, known for spearheading an international banking-based blockchain consortium has reportedly called on Sri Lanka’s central bank to join the working group. R3 has wooed over 80 the world’s biggest banks and financial institutions to collaborate under the common roof of its blockchain consortium. The consortium has notably worked with regulators in developing blockchain applications, including the likes of the Singapore’s central bank, Hong Kong’s financial regulator and South Korea’s central bank. Now, R3 is reportedly continuing its charm offensive of....
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....
São Paulo-based Itaú Unibanco has become the first Latin America-based bank to join blockchain and distributed ledger consortium R3CEV. Launching last September with nine global banking partners, Itaú is the 45th global bank to join the R3 consortium, following South Korea’s Hana Financial and Japan's SBI Holdings. Itaú saw R$21.9 billion ($6.1bn) in profits in 2014 as well as R$360 billion ($101bn) in assets under management, according to its latest annual report. In statements, Itaú general director for technology and operations Márcio Schettini said that Itaú joined to contribute to....