Japan is set to deepen its exploration of digital currency, as a consortium of 74 firms in the region have mapped out a trial for a private sector digital yen.
The new currency will make its way into the private sector in the coming months, and has been backed by a host of the country’s most recognised banks.
It comes after the release of a progress report and a white paper, which both sought to establish concrete steps towards the integration of the digital currency into the main economy.
The report also analysed major impacts of the growth of digital currency, with it tapping into and subsequently providing a boost to numerous sectors. It included the potential of commercialisation when it comes to NFTs, building on the rapid escalation of tokens over the past year.
Furthermore, a bolstering of the supply chain and a deeper embracing of digital currency can elevate the payment journey – which would provide Japan with a significant economic boost – was also detailed in the report as something that could be pivotal.
In terms of mitigating the risks, KYC processes were cited as being vital in the protection of business as digital currency potentially flows further into the mainstream and elevates its status as part of everyday life.
