The research group includes leading Japanese banks MUFG, Mizuho and Sumitomo Mitsui Banking Corporation, the railway company Japan Railway and a number of non-financial organizations. The group was led by the former head of the Bank of Japan payment and settlement department, Hiromi Yamaoka. The research will be supported by the Japan Financial Services Agency (FSA), the Ministry of Internal Affairs and Communications of Japan, the Ministry of Finance of Japan, and the Ministry of Economy, Trade and Industry of Japan.

Yamaoka explained that this initiative is aimed at clearly defining options for using digital currencies in the country and building consensus on making payments using them. In this case, it is necessary to comply with the requirements of the country's financial regulators, and the entire process should be controlled by the Japanese central bank.

Decurret management noted that various enterprises and many central banks have already appreciated the potential and effectiveness of cryptocurrencies, and organizations' interest in distributed ledger technology is constantly growing. However, they face challenges - how to protect data privacy, prevent the commission of illegal activities using digital assets and avoid technological risks. A group of researchers will deal with these issues.

Twice a month, from June to September 2020, they will organize conferences to discuss these problems in search of a suitable solution for creating a payment infrastructure using blockchain and cryptocurrencies. In addition, existing options for the use of cryptocurrencies both in Japan and abroad, as well as the possibilities of the blockchain for settlements, will be analyzed. At the end of this period, the group will present a report on the research and developments.

Recall that a few days ago, Minister of Finance of Japan Taro Aso spoke out against the reduction of the tax on cryptocurrency incomes and proposed to equate it to the tax on income from stock trading.