Japanese Consortium Plans to Issue Bank Deposit-Like Digital Yen by 2022-End

Japanese Consortium Plans to Issue Bank Deposit-Like Digital Yen by 2022-End
A consortium of 74 Japanese firms is planning to issue a digital yen that will work similar to bank deposits by the end of 2022, the consortium’s secretariat, DeCurret, said in a white paper and a progress report published on Wednesday.To ensure the stability of the digital currency, the consortium, dubbed Digital Currency Forum, is proposing a model similar to how bank deposits work, according to the white paper. The digital yen will be issued by banks as their liability, the paper added.Members of the Digital Currency Forum, include banks like MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan…