Toyota Systems, a wholly-owned subsidiary of Toyota Motors, is experimenting with a digital currency solution provided by Japanese crypto exchange Decurret. Decurret is one of the biggest names in Japanese crypto, reportedly hosting a digital currency study group with Japan’s central bank in June 2020.
The company, which focuses on IT, is primarily interested in experimenting with automated payments, using the white-labeled digital currency for 2,500 members of staff. The payments made are for welfare benefits, and employees have the option of exchanging these payments for welfare points or gifts. However, the digital currency is not currently able to be exchanged for Yen.
Going forward, Toyota Systems reportedly intends to branch out the use cases for digital currency to business transactions and supply chain management.