On October 12, DeCurret Holdings, a digital currency and electronic payments company, unveiled a comprehensive white paper detailing its ambitious cryptocurrency project, the “DCJPY.” The firm has set its sights on a July 2024 launch for this groundbreaking digital currency.
Two Distinct Zones: Financial and Business
Outlined in the white paper, the DCJPY Network is designed with a dual-zone structure. The Financial Zone will witness banks minting deposits as digital currency on the blockchain. Simultaneously, the Business Zone will be dedicated to facilitating transactions and will also serve as a platform for issuing nonfungible, security, and governance tokens.
Aozora Bank Leads as Primary Issuer
The Aozora Bank emerges as the primary issuer of the DCJPY. This further marks a significant move for the commercial entity, which boasts 19 domestic branches in Japan. Notably,the white paper remains discreet about specific network participants. However, DeCurret has previously reported a consortium of 70 Japanese companies contributing to the DCJPY Network.
Noteworthy backers of DeCurret include Japan Post Bank, Mitsubishi, and Dentsu Group among 35 shareholding companies.
To shed light on the intricacies of the project, DeCurret will host a seminar on October 18 in Tokyo. However, in a unique move, the seminar will be an exclusive in-person event, with no online screening.
Industry Explorations and Bank of Japan’s Digital Yen Decision Looms
In a broader context, the Bank of Japan disclosed the results of the second phase of its central bank digital currency experiment in May 2023. The final decision on issuing a “digital yen” is anticipated by 2026. This further adds an extra layer of anticipation to the evolving digital currency landscape.
Simultaneously, major players in the industry, including Binance and Mitsubishi UFJ Trust and Banking Corporation, are actively exploring the issuance of Japanese yen and other foreign currency-denominated stablecoins within the country. This exploration underscores the dynamic and competitive nature of the digital currency market in Japan.