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Business trends

Japan banks to test blockchain-based money transfers

Cryptocurrencies could enable low-cost, 24-hour service

TOKYO -- A consortium of Japanese banks will experiment with fund transfers using virtual currencies, with an eye toward developing a more convenient, lower-cost alternative to wiring money.

SBI Holdings and SBI Ripple Asia lead the payments consortium, which had 56 members as of Wednesday, including recent additions MUFG unit Bank of Tokyo-Mitsubishi UFJ and Shiga Bank.

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