Four Japanese banks participate in digital currency project #JapanFinance

Four Japanese banks are among over 40 commercial financial institutions participating in an international demonstration test for cross-border payments using digital currencies led by the Bank for International Settlements.

Project Agora, as the international public-private project is called, is aimed at expediting international money transfers, cutting costs and enhancing transparency.

In April, the BIS announced the launch of the project, involving seven central banks, including the Bank of Japan, the Federal Reserve Bank of New York and the British, French and South Korean central banks.