Japan’s largest banks, including MUFG, SMBC, Mizuho and Japan Post, are collaborating on a digital currency payment system as part of the Digital Currency Forum, a consortium of 74 organizations. The initiative is led by startup DeCurret which attracted a $62 million investment in March, including from SMBC, MUFG and SBI.
The project has completed the Proof of Concept (PoC) stage with plans to commercialize it by March 2023.
The consortium includes a wide array of organizations, including many in financial services, big industrial companies such as Mitsubishi, electricity (Kansais Electric) and telecoms (KDDI). Several government agencies are observers such as the Financial Services Agency, the Ministry of Finance and the central bank.
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