Japanese Banks to Test Blockchain Money Transfers Blockchain Using Digital Currencies
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The restrictive traditional system typically offers money transfers between 8:30 AM and 3:30 PM in the country.