Japanese Yen-Backed Digital Currency Project, DCJPY, to Launch in July 2024

Japanese digital currency and electronic payments firm DeCurret Holdings has unveiled its cryptocurrency project, “DCJPY,” with plans to launch the coin in July 2024.

The project’s white paper outlines two key zones within the DCJPY Network: the Financial Zone and the Business Zone. Banks will mint deposits as digital currency on the blockchain in the Financial Zone. The Business Zone will also host transactions, enabling the issuance of nonfungible, security, and governance tokens.

Aozora Bank, with 19 branches in Japan, will primarily issue DCJPY, backed by Japanese yen deposits.
The white paper omits specific network participants, but DeCurret is supported by 35 companies, including Japan Post Bank and Mitsubishi.

DeCurret will elucidate the project’s core concepts at a Tokyo seminar on October 18, with no online viewing available.

This follows the Bank of Japan’s release of the second phase results of its CBDC experiment in May 2023. The central bank aims to decide on issuing a “digital yen” by 2026.

In parallel, industry giants like Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring the issuance of Japanese yen and other foreign currency-denominated stablecoins within Japan.