Japan Digital Yen DCJPY to Launch in 2024
BITmarkets Team
Oct 15, 2023
DeCurret Holdings, a provider of electronic payments and digital currency, released a white paper on its "DCJPY" cryptocurrency project on October 12. The company plans to introduce the coin in July 2024.
The Financial Zone and the Business Zone will make up the DCJPY Network, according to the white paper. The former will involve banks creating deposits as blockchain-based digital currency, whereas the latter will be set aside for transactions.
Nonfungible, security, and governance tokens can all be issued in the Business Zone.
The Aozora Bank, a business with 19 domestic branches in Japan, will be the main issuer of the DCJPY, which will be backed by deposits in Japanese yen.
A consortium of 70 Japanese businesses that would take part in the DCJPY Network was mentioned in a 2021 DeCurret report.
The white paper makes no specific reference to the network participants by name, but DeCurret is supported by 35 shareholding companies, including Japan Post Bank, Mitsubishi, and Dentsu Group.
On October 18, DeCurret will present a seminar on the white paper outlining the key ideas behind the project. The meeting won't be broadcast online and will take place in Tokyo.
The results of the second stage of the Bank of Japan's central bank digital currency experiment were made public in May 2023. By 2026, a final decision regarding the issuance of a "digital yen" will be made.
In the meantime, Japanese yen and other stablecoins denominated in foreign currencies are being considered for issuance in the nation by Binance and Mitsubishi UFJ Trust and Banking Corporation.
Sources:
https://cointelegraph.com/news/crypto-japanese-yen-backed-digital-currency-dcjpy-july-2024
