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DeCurret to Hold a Study Group on Digital Currency Settlement Infrastructure in Japan

2020.06.03

DeCurret to Hold a Study Group on Digital Currency Settlement Infrastructure in Japan

DeCurret Inc. (HQ: Chiyoda ward, Tokyo; President & CEO: Kazuhiro Tokita) has today announced that it will hold a study group with the goal of building digital settlement infrastructure using valuable digital currencies in Japan. The study group will comprise participants from three megabanks (Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation) and major Japanese companies, experts, among others.

■Background

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. 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.

■Purpose

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.

■Outline

Chair: Mr. Hiromi Yamaoka, Director, Future Corporation (former head of the Payment and Settlement Systems Department, Bank of Japan)

Secretariat: DeCurret

Period: June to September 2020 (once or twice a month)

Main discussion topics:

- Case studies of digital settlements and digital currencies in Japan and overseas

- Application of new digital technologies such as blockchain and distributed ledger technology in transactions and settlement infrastructure; potential usage areas of digital currency settlements and their impact; vision and future potentials

- Issues to be addressed for the realization of digital currency settlements including the scope of service provision, consideration for its usage value, roles of providers and concerned parties, and standardization

Final deliverable: Publication of a report summarizing discussions at the study group, among other things

 

■Participants

  • Participating companies

Mizuho Bank, Ltd.

MUFG Bank, Ltd.

Sumitomo Mitsui Banking Corporation

 

Internet Initiative Japan Inc.

KDDI Corporation

Seven Bank, Ltd. (Seven & i Holdings Co., Ltd.)

NTT Group

East Japan Railway Company (JR East)

Mori Hamada & Matsumoto

  • Cooperating companies

Accenture Japan Ltd.

SIGMAXYZ Inc.

  • Observers

Financial Services Agency, Japan

Ministry of Finance, Japan

Ministry of Internal Affairs and Communications, Japan

Ministry of Economy, Trade and Industry, Japan

Bank of Japan

 

 

【DeCurret】Holding-a-Study-Group-on-Digital-Currency-Settlement-Infrastructure-in-Japan.pdf