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The cryptocurrency DCJPY, promoted by Japan’s three major banks and more than 70 companies, is expected to become practical in 2022

Elevated view of famous Shibuya pedestrian crossing, Tokyo, Japan

On the road of advancing digital currency, Japan is about to take an important step. According to Reuters, an alliance of more than 70 well-known local companies announced this week that it plans to launch a Japanese yen-based cryptocurrency in 2022. It will be named DCJPY for the time being. The key point is that it has the support of three major Japanese banks: Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group. The three parties revealed at a previous press conference that the plan to build a shared digital payment and settlement system has actually been in preparation since last year.

Among the companies involved in this matter are familiar names such as JR East Japan, Kansai Electric Power, and NTT. The alliance intends to start DCJPY related tests in the next few months. However, it should be noted that DCJPY and the digital yen prepared by the Bank of Japan are not the same thing.

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