The creation of digital currencies did not pass by Japanese banks. More than 30 banks cooperating on digital yen experiments.\r\n\r\nAccording to\u00a0Reuters, Japanese banks are collaborating on issuing a digital currency to support digitalization at the currency level. On Thursday, the organizing body reported that they plan to experiment with digital currency\u00a0next year. However, it is surprising that Japanese people are more prone to cash transactions rather than electronic payments. This issue could be one of the hurdles to overcome primarily.\r\n\r\nJapanese people are not engaged in cashless transactions.\u00a020%\u00a0of all transactions are\u00a0cashless\u00a0in Japan. It is much more below the United States and Chine, 45% and 70% respectively. Governmental bodies and companies need to\u00a0promote cashless payments\u00a0to implement digital yen successfully in the first place. The former Bank of Japan executive,\u00a0Hiromi Yamaoka\u00a0commented on digital currencies in the online briefing:\r\n\u201cJapan has many digital platforms, none of which are big enough to beat cash payments,\u201d\r\n\r\n\u201cWe don\u2019t want to create another silo-type platform. What we want to do is to create a framework that can make various platforms mutually compatible.\u201d\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nBank of Japan in Digital Currency Project\r\nEarlier on, the\u00a0Bank of Japan\u00a0announced its intentions to create\u00a0CBDC. In the announcement made in July 2020, the purpose was to check the possibility of creating a digital currency at the technical aspect. They think that there are two main barriers to the application of digital currency. Surprisingly, according to Nikkei, in 2018, only\u00a065%\u00a0of the population\u00a0had smartphones, and children and older people will have hardships to use digital currencies. To solve this, they had to establish some terminals to realize payments. Secondly, it is essential to provide a\u00a0seamless\u00a0electric supply. Those electronic devices do not work offline.\r\n\r\nExecution of digital yen can change the experience of Japanese people with cashless payments. It is significant to move on to digital payment options as the world begins to embrace them.\r\n\r\n#coinsfera #cryptonews #buybitcoinistanbul #buybitcoindubai\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.