A consortium of Japanese banks are set to launch a new national digital currency in a bid to wean citizens off cash, the Financial Times reports.
The FT says that a consortium led by Mizuho Financial Group and Japan Post Bank plans to launch the new digital currency in time for the Tokyo 2020 Olympics.
The new project, which has the support of Japan's central bank and regulators, aims to develop technology to allow Japanese people to pay for goods and services with their smartphone.
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http://www.businessinsider.com/japan-plans-new-digital-currency-j-coin-2017-9