Digital Currency DCJPY, Backed By Japanese Yen, To Launch In July 2024

Japan-based digital currency and electronic payments firm DeCurret Holdings launched a white paper on its cryptocurrency project, the DCJPY, which it plans to launch in July 2024.

The DCJPY Network will consist of the Financial Zone and the Business Zone wherein the former will include banks minting deposits as digital currency on the blockchain, while the latter will be reserved for transactions and issuing nonfungible, security and governance tokens.

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DCJPY’s lead issuer, Aozora Bank, will be backed by deposits in the Japanese yen. It is a commercial entity with 19 domestic branches in Japan.

DeCurret reported earlier the DCJPY network will have a consortium of around 70 Japanese companies. It is currently backed by 35 shareholding companies, with Japan Post Bank, Mitsubishi and Dentsu Group among them.

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In May 2023, the Bank of Japan released the second phase results of its central bank digital currency (CBDC) experiment. While it plans to take a final decision on issuing a digital yen by 2023, Binance and Mitsubishi UFJ Trust and Banking Corporation are also seeking to explore Japanese Yen issuance and other foreign currency-denominated stablecoins in the country.

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