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

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On Oct. 12, DeCurret Holdings published a White Paper on the digital currency project DCJPY. The group of Japanese companies intends to launch the coin in July 2024.

According to the White Paper, the DCJPY network will consist of two areas: the Financial Zone and the Business Zone. The former will include banks, minting bank deposits as digital currency on the blockchain, while the latter will be reserved for transactions. The Business Zone will provide space for issuing non-fungible tokens (NFT), security tokens (ST), and governance tokens (GT).

Related: Japan to allow startups to raise funds by issuing crypto instead of stocks

The leading issuer of the DCJPY, backed by deposits in Japanese yens, will be the Aozora Bank, the 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 such prominent names as 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 (BOJ) released the results of the second phase of its central bank digital currency (CBDC) experiment. It will make a final decision on 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 other foreign currency-denominated stablecoins in the country.

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