About 40 Japanese Banks to Test Digital Currency Transfers

About 40 Japanese banks will begin a proof-of-concept trial for mutual digital currency transfers. According to Odaily, the project is led by GMO Aozora Net Bank with Abeam Consulting, a unit of NEC, and fintech company DCP, and will use tokenized deposits on a blockchain for transfers.The trial aims to build a 24-hour, year-round, low-cost instant settlement infrastructure. It is part of a support program under the Japan Financial Services Agency's fintech proof-of-concept hub, and participants include Resona Bank, Shoko Chukin Bank, Yokohama Bank, and about 40 other institutions, with some banks joining as observers. DCP plans to put the service into practical use in fiscal 2027.