Tokyo – Despite the ups and downs they face, cryptocurrencies still represent an important investment scenario at the World level. The demonstration is Japan’s recent announcement of its intention to launch its digital currency by 2022. As reported by Reuters, the plan is to create a yen-based crypto backed by a consortium of around 70 companies. Japanese. including the three main banks in the country.

Just a few days ago El Salvador has announced plans to build a full-fledged Bitcoin city, a kind of tax-free tax haven. Confirmation of the Japanese initiative came at a meeting between Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group, who declared their intention to set up a common consolidation infrastructure. both digital payments and an alternative currency, the so-called “cryptoYen”.

The agreement provides for the participation of East Japan Railway Company and Kansai Electric Power Company. In 2020, cash was worth around 70% of transactions in Japan. A high percentage, for which the government of Tokyo has decided to act with various projects, aimed at greater use of credit cards and online shopping. Due to its close connection to the Yen, the cryptoYen falls under the stablecoin domain. These are currencies that they depend on the evolution of the currency to which they are anchored and which are not subject to the price fluctuations of an independent market, such as Bitcoin and others.