Japanese Banks Prepare to Test Cryptocurrency Payments

Leading banks in Japan among them MUFG, SMBC, Mizuho and Japan Post, are collaborating with organizations in different countries to jointly invest in the cryptocurrency space.

They plan to enable payments in cryptocurrencies over the blockchain network in the coming months.

Once deployed, the digital payment system will be a two-tiered platform that will be tested for financial institutions and the private sector. Universal usage testing will be used in conjunction with authorized blockchain networks.

Digital Currency JPY (DCJPY) is to be the name and plans to integrate blockchain ledger technology. Users will be able to trade in cryptocurrency only after opening an account with a bank.

Businesses also plan to integrate DCJPY with other digital platforms after testing is complete.

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