Home Blockchain Japanese yen-backed digital currency, DCJPY, to go live in July 2024

Japanese yen-backed digital currency, DCJPY, to go live in July 2024

by Harry Garcia

DeCurret Holdings, a digital currency and electronic payments firm, recently released a white paper detailing its cryptocurrency project, the “DCJPY.” The company plans to launch the coin in July 2024, aiming to revolutionize the digital currency landscape in Japan.

The DCJPY Network, as outlined in the white paper, will be divided into two zones: the Financial Zone and the Business Zone. The Financial Zone will involve banks minting deposits as digital currency on the blockchain, while the Business Zone will be reserved for transactions. Additionally, the Business Zone will provide space for the issuance of nonfungible, security, and governance tokens.

Aozora Bank, a commercial entity with 19 branches in Japan, will be the primary issuer of the DCJPY. The digital currency will be backed by deposits in Japanese yen, ensuring stability and trust for users. DeCurret previously reported the involvement of a consortium of 70 Japanese companies in the DCJPY Network, although individual participants are not mentioned in the white paper. Notably, DeCurret itself is backed by 35 shareholding companies, including Japan Post Bank, Mitsubishi, and Dentsu Group.

To shed light on the project’s main points, DeCurret plans to hold a seminar on October 18. The event will take place in Tokyo and will not be available for online streaming. This seminar will serve as an opportunity for interested individuals and industry experts to gain insight into the DCJPY and its potential implications.

This development comes after the Bank of Japan’s central bank digital currency experiment. In May 2023, the central bank released the results of its second phase and announced the intention to make a final decision on issuing a “digital yen” by 2026. Simultaneously, financial giants Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring the possibility of issuing stablecoins denominated in Japanese yen and other foreign currencies in Japan.

The introduction of the DCJPY and the growing interest in digital currencies by financial institutions and corporations demonstrate Japan’s eagerness to embrace the future of finance. By leveraging blockchain technology and digital currencies, the country aims to enhance payment systems, improve financial inclusion, and promote innovation in the financial sector.

The release of DeCurret’s white paper marks another significant milestone in Japan’s journey towards a digital currency revolution. As the company continues to develop and refine its cryptocurrency project, market participants eagerly await further updates and insights into the DCJPY’s potential impact on the Japanese financial landscape.

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