DeCurret Holdings Reveals Details of DCJPY Digital Currency Project for 2024 Launch
Summary:
DeCurret Holdings has issued a white paper outlining its DCJPY digital currency project, set to launch in July 2024. The DCJPY network will comprise two parts: a Financial Zone for banks to mint digital currency from deposits, and a Business Zone for transactions including NFTs, STs, and GTs issuing. The main issuer of this yen-backed digital currency will be Aozora Bank, and DeCurret is backed by 35 shareholder firms such as Japan Post Bank, Mitsubishi, and Dentsu Group. The Bank of Japan is also expected to decide on the issuance of a "digital yen" by 2026.
DeCurret Holdings has announced details about its DCJPY digital currency project through a white paper revealed on October 12. The coin, developed in collaboration with a consortium of Japanese firms, is set to debut in July 2024. The white paper illustrates that the DCJPY network will have two distinct sections: the Financial Zone for banks to create digital currencies from bank deposits using blockchain technology, and the Business Zone for transactions, where NFTs, STs, and GTs can be issued. A startup funding method involving the issuance of cryptocurrencies rather than stocks is being considered in Japan. The principal issuer of the DCJPY, which is underpinned by deposits in Japanese yen, will be Aozora Bank, which boasts 19 branches throughout Japan. DeCurret announced last year that it had formed a consortium of 70 Japanese firms committed to taking part in the DCJPY network. Although the white paper does not mention specific participating companies, DeCurret is supported by 35 shareholder firms, with notable entities such as Japan Post Bank, Mitsubishi, and Dentsu Group included. An explanatory seminar on the white paper, addressing major project specifics, will be held by DeCurret in Tokyo on October 18 without online broadcasting. In May 2023, the Bank of Japan (BOJ) disclosed the findings of the second phase of its central bank digital currency (CBDC) trials, with a conclusive verdict regarding the launching of a "digital yen" anticipated by 2026. Simultaneously, Binance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are examining the feasibility of issuing stablecoins tied to the Japanese yen and other foreign currencies within Japan.
Published At
10/12/2023 8:37:39 AM
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