Japanese banks, firms to test digital currency

Representatives from dozens of Japanese companies are preparing to conduct a trial of a new digital currency.
They say the test will involve both individual users and businesses, and will take place by March.

Some 70 firms are involved. Participants include major banks, telecom companies, and cryptocurrency operators.

The banks will issue the yen-denominated digital currency, which will have a minimum unit of one yen.

The aim is to gauge how well it handles digital charging and spending by individuals, and business-to-business transactions.

One of the touted advantages of digital currencies is that they enable faster transactions at lower costs.

The group plans to put the currency into practical use in the next fiscal year, which starts in April.