Japan towards the state cryptocurrency with the CryptoYen The coin, backed by banks, will be launched in 2022

By rodese | Crypto ideas | 30 Nov 2021

Despite the ups and downs they face, cryptocurrencies still represent an important investment scenario globally.

The demonstration is the recent announcement by Japan that it intends to launch its digital currency by 2022.

As reported by Reuters, the plan is to create a yen-based crypto and backed by a consortium of about 70 Japanese companies, including the country's three main banks.

Just a few days ago, El Salvador announced its intention to build a real Bitcoin City, a sort of tax-free tax haven.

The confirmation of the Japanese initiative came during a meeting between Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group, who declared their intention to set up a shared infrastructure for the consolidation of both digital payments and a alternative currency, the so-called "cryptoYen". The agreement provides for the participation of the East Japan Railway Company and the Kansai Electric Power Company. In 2020, cash was worth about 70% of the trades in Japan. A high percentage, for which the Tokyo government has decided to act with various projects, aimed at greater use of credit cards and online purchases. By virtue of its close link to the yen, the cryptoYen falls under the stablecoin domain. These are currencies that depend on the trend of the currency to which they are anchored and that do not suffer the price fluctuations of an independent market, such as that of Bitcoin and the like. 


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