DeCurrent, a Japanese crypto exchange, is building a study group to look into the development of a digital settlement infrastructure using “valuable digital currencies” in the country.
Announced on Thursday, the study group will include participation from three Japanese “megabanks” – Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation – along with a few companies and experts.
The group will be chaired by Hiromi Yamaoka, the former head of the payment and settlement systems department at the Bank of Japan.
The primary purpose of the study group will be to examine and discuss challenges and solutions concerning digital currencies and digital settlement infrastructure. It will also try to create a consensus towards the industry and present a direction for standardizing services and infrastructure.
This came when the introduction of digital payments in the mainstream has become a hot topic around the world.
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“In recent years, expectations have been growing about the efficiency and convenience of digital currency settlements befitting digital society against backdrops such as businesses issuing digital currencies using distributed ledger technology and actions taken by some central banks,” DeCurrent noted.
“At the same time, concerns are emerging over issues including privacy protection, crime prevention measures, and technology risks. These have resulted in the needs for a direction for the realization of valuable digital currencies in Japan.”
The study group will meet one or two times a month between June and September 2020 and will publish its findings at the end of the period.
Japan at the forefront of adopting crypto
Founded in 2018, DeCurrent is one of the regulated cryptocurrency exchanges in Japan and recently increased its capital by $25 million with new share allocation for expanding its services.
Japan also update its crypto laws last month bringing the initial coin offerings (ICOs) and security tokens (STOs) under its existing Financial Instruments and Exchange Act (FIEA).