The “Digital Currency Forum,” which is the largest private-sector initiative in Japan regarding digital currencies, will issue a trial of digital currencies by the end of this year. The Nikkei newspaper reported on the 24th. About 70 companies including Mitsubishi UFJ Bank are participating in the forum.
Digital currencies are backed by bank deposits, and inter-company remittances and large-scale settlements will begin on a trial basis in the latter half of 2022.
The Digital Currency Forum was launched in June 2020, with participation from Sumitomo Mitsui Trust Bank and Japan Post Bank in addition to 3 Mega Bank. So far, seven subcommittees have been set up and PoC (proof of concept) plans have been promoted.
For example, in the local currency subcommittee, “self-help / mutual help money” that encourages mutual help in the region and changes in the behavior of residents, “wide-area related population money” that expands the related population and leads to the acquisition of “foreign currency” for the region, to the outside of the region Considering PoC, a local currency that has the three functions of “economically active money” that suppresses economic outflow and activates regional consumption. Kesennuma City and Aizuwakamatsu City also participate in the subcommittee.