Group to Discuss Building Digital Payment Infrastructure in Japan

Economy

Tokyo, June 3 (Jiji Press)--DeCurret Inc., a Tokyo-based cryptocurrency exchange operator, said Wednesday it will launch a study group for building digital settlement infrastructure in Japan, with participants including MUFG Bank and two other megabanks in the country.

Various digital currency projects are already under way in the public and private sectors in other countries, such as U.S. Facebook Inc.'s Libra and China’s digital yuan.

Although digital currencies can speed up settlements and money transfers at substantially lower costs, they pose the risks of destabilizing the existing financial system, violating individual customers’ privacy and facilitating crimes, among others.

According to DeCurret, an affiliate of Internet Initiative Japan Inc. <3774>, the study group will be presided by Hiromi Yamaoka, former chief of the Bank of Japan’s Payment and Settlement Systems Department, and discuss those issues. It will also seek standardization for the use of blockchain as a key technology.

Among other participants will be the Nippon Telegraph and Telephone Corp. <9432> group and East Japan Railway Co. <9020>, or JR East.

[Copyright The Jiji Press, Ltd.]

Jiji Press