Japanese yen-backed digital currency, DCJPY, to go live in July 2024
On Oct. 12, digital currency and electronic payments firm DeCurret Holdings published a white paper on its cryptocurrency project, the “DCJPY.“ The organization intends to launch the coin in July 2024.
According to the white paper, the DCJPY Network will consist of the Financial Zone and the Business Zone. The former will include banks minting deposits as digital currency on the blockchain, while the latter will be reserved for transactions. The Business Zone will also provide space for issuing nonfungible, security and governance tokens.
Related: Japan to allow startups to raise funds by issuing crypto instead of stocks
The leading issuer of the DCJPY, which will be backed by deposits in Japanese yen, will be the Aozora Bank, a commercial entity with 19 domestic branches in Japan. In 2021, DeCurret reported about a consortium of 70 Japanese companies that would participate in the DCJPY Network. While the white paper doesn’t mention any specific names of the network participants, DeCurret itself is backed by 35 shareholding companies, with Japan Post Bank, Mitsubishi and Dentsu Group among them.
DeCurret will hold a seminar on the white paper explaining the main points behind the project on Oct. 18. The meeting will take place in Tokyo and won’t be screened online.
In May 2023, the Bank of Japan released the results of the second phase of its central bank digital currency experiment. It will make a final decision on issuing a “digital yen” by 2026.
Meanwhile, Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring the issuance of Japanese yen and other foreign currency-denominated stablecoins in the country.
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