DeCurret Holdings Publishes White Paper on DCJPY Cryptocurrency Project
On October 12, DeCurret Holdings, a digital currency and electronic payments firm, released a white paper detailing its cryptocurrency project called DCJPY. The company plans to launch the coin in July 2024.
The DCJPY Network Structure
The white paper outlines that the DCJPY Network will consist of two zones: the Financial Zone and the Business Zone. The Financial Zone will involve banks creating digital currency deposits on the blockchain, while the Business Zone will facilitate transactions and allow for the issuance of nonfungible, security, and governance tokens.
Aozora Bank as Leading Issuer
Aozora Bank, a commercial entity with 19 branches in Japan, will be the primary issuer of DCJPY. The cryptocurrency will be backed by deposits in Japanese yen. DeCurret previously announced a consortium of 70 Japanese companies participating in the DCJPY Network, although specific names were not mentioned in the white paper. DeCurret itself is supported by 35 shareholding companies, including Japan Post Bank, Mitsubishi, and Dentsu Group.
Seminar on White Paper
DeCurret will host a seminar on October 18 to explain the key points of the white paper. The event will take place in Tokyo and will not be available for online viewing.
Central Bank Digital Currency Developments
In May 2023, the Bank of Japan revealed the results of its central bank digital currency experiment. A decision on issuing a “digital yen” is expected by 2026. In addition, Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring the possibility of issuing Japanese yen and other foreign currency-denominated stablecoins in Japan.
Hot Take: DeCurret’s DCJPY Aims to Revolutionize Digital Currency in Japan
DeCurret Holdings’ white paper on the DCJPY cryptocurrency project highlights the company’s ambitious plans to introduce a new digital currency backed by Japanese yen deposits. With the support of Aozora Bank and a consortium of Japanese companies, DeCurret aims to create a comprehensive network for financial transactions and token issuance. As Japan explores the possibility of a central bank digital currency, DeCurret’s initiative could contribute to the country’s evolving digital economy. The upcoming seminar on the white paper will provide further insights into this innovative project.