{"id":1146,"date":"2020-11-19T11:36:17","date_gmt":"2020-11-19T07:36:17","guid":{"rendered":"https:\/\/qia.az\/en\/?p=1146"},"modified":"2020-11-19T11:36:18","modified_gmt":"2020-11-19T07:36:18","slug":"japan-inc-to-begin-experiments-issuing-digital-yen","status":"publish","type":"post","link":"https:\/\/qia.az\/en\/japan-inc-to-begin-experiments-issuing-digital-yen\/","title":{"rendered":"Japan Inc to begin experiments issuing digital yen"},"content":{"rendered":"\n<p>More than 30 major Japanese firms will begin experiments next year towards issuing a common, private digital currency to promote digitalisation in one of the world\u2019s most cash-loving countries, the group\u2019s organising body said on Thursday,\u00a0Q\u0130A.AZ\u00a0reports with reference to\u00a0<a rel=\"noreferrer noopener\" href=\"http:\/\/reuters.com\/\" target=\"_blank\">Reuters<\/a>.<\/p>\n\n\n\n<p>The move follows the Bank of Japan\u2019s recently announced plan to experiment with issuing a digital yen, underscoring a growing awareness of the need for Japan to catch up to rapid global advances in financial technology.<\/p>\n\n\n\n<p>The group, consisting of Japan\u2019s three biggest banks as well as brokerages, telecommunication firms, utilities and retailers, will conduct experiments for issuing a digital currency that will use a common settlement platform.<\/p>\n\n\n\n<p>\u201cJapan has many digital platforms, none of which are big enough to beat cash payments,\u201d Hiromi Yamaoka, a former BOJ executive who chairs the group, told an online briefing.<\/p>\n\n\n\n<p>\u201cWe don\u2019t want to create another silo-type platform. What we want to do is to create a framework that can make various platforms mutually compatible,\u201d Yamaoka said.<\/p>\n\n\n\n<p>Private banks will be in charge of issuing the digital currency in the experiments, though the possibility of other entities issuing a digital yen will not be ruled out, he said.<\/p>\n\n\n\n<p>Japan has among the most cash-loving people in the world, with cashless payments making up only 20% of total settlement &#8211; well below the United States, with 45% and China with 70%.<\/p>\n\n\n\n<p>Authorities have been keen to promote cashless transactions to increase productivity, though progress has been slow partly due to the inconvenience of digital payment.<\/p>\n\n\n\n<p>Various digital platforms compete and remain incompatible with one another in Japan unlike in China, where a handful of huge platforms dominate the market.<\/p>\n\n\n\n<p>Japan\u2019s three megabanks &#8211; Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc &#8211; have eached rolled out their own digital payment systems. But they lag efforts by tech firms such as SoftBank Group unit PayPay.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 30 major Japanese firms will begin experiments next year towards issuing a common, private digital currency to promote digitalisation in one of the world\u2019s most cash-loving countries, the group\u2019s organising body said on Thursday,\u00a0Q\u0130A.AZ\u00a0reports with reference to\u00a0Reuters. The move follows the Bank of Japan\u2019s recently announced plan to experiment with issuing a digital&hellip; <a class=\"more-link\" href=\"https:\/\/qia.az\/en\/japan-inc-to-begin-experiments-issuing-digital-yen\/\">Continue reading <span class=\"screen-reader-text\">Japan Inc to begin experiments issuing digital yen<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":1148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1146","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","entry"],"_links":{"self":[{"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/posts\/1146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/comments?post=1146"}],"version-history":[{"count":0,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/posts\/1146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/media\/1148"}],"wp:attachment":[{"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/media?parent=1146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/categories?post=1146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qia.az\/en\/wp-json\/wp\/v2\/tags?post=1146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}