On October 12, electronic payments and digital currency company DeCurret Holdings published a white paper on his 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 commercial 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 the issuance of non-fungible, security and governance tokens.
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The main issuer of the DCJPY, which will be backed by Japanese yen deposits, will be Aozora Bank, a commercial entity with 19 domestic branches in Japan. In 2021, DeCurret reported on a consortium of 70 Japanese companies that would participate in the DCJPY network. While the whitepaper does not mention any specific names of network participants, DeCurret is backed by 35 shareholder companies, including Japan Post Bank, Mitsubishi and Dentsu Group.
DeCurret will hold a white paper seminar explaining the main points behind the project on October 18. The meeting will take place in Tokyo and will not be screened online.
In May 2023, the Bank of Japan published the results of the second phase of its central bank digital currency experiment. He will make a final decision on issuing a “digital yen” by 2026.
Meanwhile, Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring issuing Japanese yen and other foreign currency-denominated stablecoins in the country.
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