People’s Daily: Japanese companies set up a joint conference on digital currency

A few days ago, 10 large Japanese companies including Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, East Japan Railway Company, Nippon Telecom and Telephone Company established a digital currency joint meeting to sort out the issues faced by expanding cashless payments. Research the compatibility of digital currency and promote the realization of digital currency. The Digital Currency Joint Conference also invited Japan’s Financial Services Agency, Ministry of Economy, Trade and Industry, Ministry of Finance and other government agencies and the Bank of Japan, the central bank, as observers.

Currently, in Japan, there are Electronic payment represented by the IC transportation card “Watermelon Card”, mobile payment represented by “LINE Pay”, and “J-Coin Pay” represented by Mizuho Financial Group and its partners. digital means of payment, the joint meeting will discuss the compatibility of these services. If a consensus is reached, it is expected to promote the Japanese people to make electronic payments more conveniently, and to explore issues such as the scope of digital currency use.

However, the Japanese people’s demand for cash is deeply rooted. Many Japanese people believe that for Japan, where natural disasters are frequent, electricity and communication may be interrupted, and only cash can guarantee normal use. Therefore, at this stage, the Bank of Japan is cautious about introducing a digital yen too early. The Bank of Japan said it has no plans to issue a digital currency, but has conducted joint research with institutions such as the European Central Bank.

“For some problems in the process of promoting digital currency, it is easier to overcome with private research.” Chairman of the Digital Currency Joint Conference and former director of the Bank of Japan Settlement Agency Bureau Yamaoka Hiroshi said that he will study the most suitable way for Japan to promote digital currency. , make full use of blockchain technology. “Many central banks have yet to issue digital currencies, not so much because of technical obstacles as they have not addressed the possible impact of implementing digital currencies on the financial system and monetary policy,” he said.

(This newspaper, Tokyo, June 7th)

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Author: Yoyokuo