Several Japanese firms are planning to carry out a common private test on digital assets in the coming year. According to a report by The Block, more than 30 top companies, including financial institutions, are members of the trial group. The Bank of Japan and the Financial Services Agency are observers of the forum.
One of the trial participants, Japanese crypto exchange DeCurret announced the establishment of the “Digital Currency Forum” on the 19th of November. In the joint effort, the companies will test a “two-layered digital currency.”
The group plans to test the two-layered digital currency model with a common area and the major function of a blockchain-based central bank digital currency (CBDC). The group noted that the model would advance Japan’s economy.
The group said:
“This ‘two-layered’ digital currency will not conflict with the existing digital payment instruments (e.g., electronic money, credit, and debit cards), centralized payment infrastructure (e.g., the Zengin system), or studies on CBDCs.”
The group added that the two-layered digital currency would create a bridge to enhance the interoperability of payment platforms.
Other members of the group include Accenture Japan, Daiwa Securities Group, Japanese telecommunications company NTT, and Nomura Holdings.
About a month ago, the Japan Times reported that the Bank of Japan would begin to test CBDC in 2021. According to the report, the bank said that private businesses and consumers would participate in the final stage of the test.
Image Credits: Pixabay
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