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

On Oct. 12, DeCurret Holdings published a White Paper connected the integer currency task DCJPY. The radical of Japanese companies intends to motorboat the coin successful July 2024.

According to the White Paper, the DCJPY web volition dwell of 2 areas: the Financial Zone and the Business Zone. The erstwhile volition see banks, minting slope deposits arsenic integer currency connected the blockchain, portion the second volition beryllium reserved for transactions. The Business Zone volition supply abstraction for issuing non-fungible tokens (NFT), information tokens (ST), and governance tokens (GT).

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The starring issuer of the DCJPY, backed by deposits successful Japanese yens, volition beryllium the Aozora Bank, the commercialized entity with 19 home branches successful Japan. In 2021, DeCurret reported astir a consortium of 70 Japanese companies that would enactment successful the DCJPY network. While the White Paper doesn’t notation immoderate circumstantial names of the web participants, DeCurret itself is backed by 35 shareholding companies, with specified salient names arsenic Japan Post Bank, Mitsubishi and Dentsu Group among them. 

DeCurret volition clasp a seminar connected the White Paper explaining the main points down the task connected Oct. 18. The gathering volition instrumentality spot successful Tokyo and won’t beryllium screened online.

In May 2023, the Bank of Japan (BOJ) released the results of the 2nd signifier of its cardinal slope integer currency (CBDC) experiment. It will marque a last determination connected the issuance of a “digital yen” by 2026.

Meanwhile, Binance, Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the issuance of Japanese yen and different foreign currency-denominated stablecoins successful the country.

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