Japan is taking a giant step toward a digital currency. A group of about 70 Japanese companies announced this week a plan to create a yen-based cryptocurrency in 2022, a project provisionally called “DCJPY” and supported by the country’s three largest banks.

In a press conference, Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group said that since last year they plan to develop a common settlement infrastructure to facilitate digital payments.

The other members of the consortium are the East Japan Railway Company and Kansai Electric Power Company, which have agreed to start testing the currency in the early months of the new year.

This is an important step for Japan, where 80% of all retail transactions are still conducted in cash.

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