The new digital currency will be backed by bank deposits. The firms involved include MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank, as well as Japan Post Bank and the Nippon Telegraph & Telephone group.

Nikkei with the report:

  • trial of the digital currency will focus on its feasibility for business transactions
  • aim is to bring the currency into circulation as soon as the latter half of 2022
The new digital currency will be backed by bank deposits. The firms involved include MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank, as well as Japan Post Bank and the Nippon Telegraph & Telephone group.