Japan’s Top Banks Join Crypto Exchange-Led ‘Study Group’ to Discuss Digital Payment System

  • Three Japanese banking industry heavyweights are joining arms in a study group to focus on digital payment settlement networks in the country.
  • The study group is led by local cryptocurrency exchange, DeCurret Inc., giving possible hints of a crypto integration.

Top Japanese banking institutions, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Mitsubishi UFJ Financial Group (MUFG), alongside experts and industry leaders in Japan joined a study group to look into digital payment systems.

The group will meet once or twice a month from June to September this year chaired by former head of the Payments and Settlement systems, Bank of Japan (BoJ) and current director at Future Corporation, Mr. Hiromi Yamaoka.

DeCurrent Inc., released a statement dated June 3, 2020 outlining the key agendas of the meetings including digital payment systems, application of distributed ledger systems in the economy and digital currency settlement platforms within Japan.

The wide scale penetration of digital payment services and blockchain in Japan is remarkable. Ripple Inc.’s partnership with SBI Holdings has seen a number of big banks take on blockchain development including Fukushima Bank and SFMG. The study aims at coming up with a standardized version of these systems and blockchain infrastructure. The statement further noted,

“The purpose of this study group is to examine and discuss challenges and solutions concerning digital currencies and digital settlement infrastructure, to find a consensus toward their realization, and to present a direction for standardizing services and infrastructure.”

Other top firms that will join the group include the East Japan Railway Corporation, KDDI Corporation and Mori Hamada & Matsumoto in Tokyo. Japan based blockchain firm, Accenture Japan Ltd. and SIGMAXYZ Inc. will act as cooperating companies.

The study, once published, will be sent to the observant teams from the Ministry of Finance, Ministry of Trade, Economy and Industry, the Financial Service Authority (FSA) and the Bank of Japan.

DeCurret launched operations back in 2018 gaining approval to launch in Japan, and in March the following year, from the FSA. The license allows the exchange to carry out digital payment services and trading in the country.

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Author: Lujan Odera

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