March 27, 2024
DCJPY cryptocurrency project-backed by Aozora Bank
Latest Cryptocurrency News

DCJPY Network Unveiled: DeCurret’s Vision for Digital Currency in Japan

On October 12, DeCurret Holdings, a company specializing in digital currency and electronic payments, unveiled a white paper detailing its upcoming cryptocurrency project, known as ‘DCJPY.’ The company has ambitious plans to introduce this coin to the public in July 2024.

As outlined in the white paper, the DCJPY Network will comprise two distinct zones: the financial zone and the business zone. The former will serve as a platform for banks to generate digital currency from deposits on the blockchain, while the latter will be dedicated to facilitating various transactions. Additionally, the Business Zone will offer opportunities for the issuance of nonfungible tokens, security tokens, and governance tokens.

Aozora Bank, a well-established commercial entity with 19 branches across Japan, is set to be the primary issuer of the DCJPY. This new cryptocurrency will be backed by deposits denominated in Japanese yen. Back in 2021, DeCurret disclosed its collaboration with a consortium of 70 Japanese companies for participation in the DCJPY Network. Although specific participant names are not mentioned in the white paper, it’s worth noting that DeCurret itself is supported by 35 shareholder companies, which include prominent entities like Japan Post Bank, Mitsubishi, and Dentsu Group.

DeCurret is scheduled to host a seminar on October 18 to elaborate on the key aspects of the project outlined in the white paper. This event will take place in Tokyo and will not be accessible online.

In May 2023, the Bank of Japan unveiled the findings from the second phase of its central bank digital currency experiment, indicating that a final decision on issuing a digital yen is expected by 2026. Concurrently, Binance and Mitsubishi UFJ Trust and Banking Corporation are jointly exploring the possibility of introducing Japanese yen and other foreign currency-denominated stablecoins in the country.

Image by freepik

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