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Consortium of Big Japanese Firms Are Set to Test JPY-Pegged Crypto

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Yahoo Finance

Fri, Nov 26, 2021

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“A digital currency system built on a bank deposit-backed common platform will fit the CBDC that could be planned and implemented in Japan,” Toshihide Endo, a former head of Japan’s Financial Services Agency, commented.

Other members in the consortium include PayPay, which is backed by SoftBank Group Corp, a tech investor, as well as Japan Post Bank Co Ltd, brokerages and insurers, and non-financial firms such as Nippon Telegraph and Telephone Corp, Kansai Electric Power Co Inc., and East Japan Railway Co. One of the challenges that the forthcoming yen-pegged cryptocurrency could face is the regulatory barrier that Japan has in place for the industry.

Also, the maneuver sought by the consortium could go in the other way of the ongoing discussions about a possible central bank digital currency (CBDC) issued by the Bank of Japan (BoJ) In fact, Japanese policymakers already stated that they would provide support to the private sector in case that the CBDC’s plans get the green light from the BoJ.

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