Benzinga - 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.
Find out more on digital currencies and blockchain. Meet and engage with other transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event: Future of Digital Assets. Tickets are flying: Get yours!
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.
Read Next: Crypto Interest In Japan Is Popping - Binance, EOS To Provide New Options For Traders
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.
Benzinga's Future of Digital Assets conference is scheduled for Nov. 14. Attend and learn more about digital currencies. The gathering is seen as pivotal for the digital assets community. The event will spotlight the latest trends, innovations, and challenges in the digital asset realm.
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.