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Megabanks favor peace over digital currency format war

Mizuho, seeking unified Japanese standard, starts cashless payments in Fukushima

Mitsubishi UFJ, one of Japan's "megabanks," has developed its own digital currency, MUFG Coin.

TOKYO -- Eager to ensure that digital currencies avoid the type of draining war that took place between supporters of VHS and Betamax videotapes in the 1980s, Japan's big banks are taking steps toward a common format for online payments.

Leaders of the country's three megabanks, Mizuho Financial GroupMitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, have said they can agree on unifying QR code specifications, the basis for electronic payment systems in other countries such as China.

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