The rapid advancement that has been made in the field of digital currency by China has alarmed other countries such as Japan.  Now three big banks from the country are coming together along with a crypto exchange, <a href="https://www.decurret.com/assets/news/2020/06/pr_20200603_studygroup_release_en.pdf" target="_blank" rel="noopener">DeCurret </a>to study digital currencies and a unified infrastructure for digital payments. They would study the benefits of a common settlement system, in order to promote cashless transactions as it is the need of the hour especially after the COVID-19 outbreak which has disrupted the traditional payment methods.

The three banks Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc, and Sumitomo Mitsui Financial Group Inc. Other non-financial entities are taking a robust interest in this <a href="https://asia.nikkei.com/Spotlight/Cryptocurrencies/Japanese-banks-to-link-e-money-with-popular-Suica-transit-card">development </a>too and East Japan Railway is participating in the <a href="https://www.nytimes.com/reuters/2020/06/03/technology/03reuters-japan-banks-fintech.html?smid=tw-share" target="_blank" rel="noopener">discussion </a>. The meetings would be organized a couple of times every month and the responsibility of that lies on a cryptocurrency exchange DeCurret. Financial institutions such as the ministry of finance and representatives from the bank of Japan too would also attend the meeting from an observing point of view.

&nbsp;
<blockquote class="twitter-tweet">
Japan to look at building a common infrastructure for digital payments <a href="https://t.co/t4LqSsx6NT">https://t.co/t4LqSsx6NT</a> <a href="https://t.co/sc1IndLHpv">pic.twitter.com/sc1IndLHpv</a>
— Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1268105182136741889?ref_src=twsrc%5Etfw">June 3, 2020</a></blockquote>
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<h2>DeCurret Being In Charge Good News For Crypto Space </h2>
The involvement of a crypto exchange such as DeCurret to bring these major institutions under one room speaks volume about the interest the country has in finally turning towards a cashless and a crypto payment system. Japanese is one of the primary users of fiat and haven't made similar advancement in digital payments as other major countries. The group would look to figure ways to promote more digital adoption in the country as the countries do possess digital systems but the people are reluctant to use them. They would look to address the issues that prevent people from using it as a preferred form of payment and hope that they develop a framework which instils confidence in them. If the study proves successful  Japan would take a major step towards digital and <a href="https://www.cryptoknowmics.com/news/will-covid-19-mark-a-step-toward-greater-crypto-adoption-in-the-future/">crypto adoption</a>.

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DeCurret And Japanese Banks to Study Digital Payment Infrastructure

The three banks would study about a unified digital settlement infrastructure with crypto exchange DeCurret organising their meets.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

DeCurret And Japanese Banks to Study Digital Payment Infrastructure

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