A Japanese yen-backed digital currency, the DCJPY, is set to launch in July 2024, according to a white paper published by blockchain and financial technology firm DeCurret Holdings, published on Thursday.
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Fast Facts
- The DCJPY ecosystem will consist of two separate blockchain networks. The “Business Zone” network will be used for the issuance of user assets, including the minting and transfer of digital assets and non-fungible tokens (NFTs), while the “Financial Zone” network will act as a service area for banks to mint deposits as digital assets.
- “It is expected that the currency system of the future will make further contributions to economic development and people’s welfare through fulfilling more advanced functions of information and data processing. Digital currencies should play a central role in this process,” said Hiromi Yamaoka, the chairperson of industry research group Digital Currency Forum, in the 56-page paper.
- Yamaoka added that it is “certain” that DCJPY can coexist with a central bank digital currency (CBDC).
- DeCurret plans to hold a seminar on the white paper on Oct. 18 in Tokyo, to explain the main points of the project.
- In early June, Mitsubishi UFJ Financial Group (MUFJ), Japan’s largest bank, outlined Progmat Coin, a platform that will enable the issuance and trading of stablecoins issued and backed by Japanese banks.
- Last month, Binance Japan announced its stablecoin issuance partnership with MUFJ.
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