DeCurret Plans to Launch the Japanese Yen-Backed Digital Currency DCJPY by July 2024
In its November 2021 white paper, DeCurret proposed a method to realise the digital currency DCJPY. The method is now verified and ready for use
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On Oct 12, the crypto exchange service firm DeCurret Holdings published a white paper stating their plans to launch the Japanese Yen-backed digital currency, the “DCJPY,” by July 2024. DeCurret plans to hold a seminar on Oct 18 in Tokyo, Japan, to elaborate on the contents of their white paper.
The DCJPY Network will be divided into two distinct blockchain areas - the Financial Zone and the Business Zone. The Financial Zone, consisting of banks, will create digital currency by minting deposits on the blockchain. The Business Zone, dedicated to transactions, will facilitate the issuance of non-fungible, security, and governance tokens.
The DCJPY tokens will be linked with bank accounts to enable seamless transaction settlements. DeCurret says this move will also ensure security by using banks’ know-your-customer (KYC) and anti-money laundering (AML) practices. It will distinguish DCJPY from stablecoins, whose values are typically pegged to fiat currencies.
DCJPY is also expected to provide reduced payment settlement costs compared to direct debits and transfers.
Regarding the adoption of digital currency, DeCurret CEO Satoshi Murabayashi emphasised in the DCJPY White Paper, “If cashless business entities can also become truly digital by using the DCJPY network, there will be enormous cost savings for all stakeholders involved in payment settlements.”
According to the crypto exchange, several Japanese firms will participate in the DCJPY Network. While the white paper doesn’t mention any specific network participants’ names, DeCurret is backed by 35 shareholding companies, with Japan Post Bank, Mitsubishi, and Dentsu Group among them. The GMO Aozora Net Bank will be responsible for issuing the Yen-based digital currency.
Discussing the importance of this initiative, Hiromi Yamaoka, the chairperson of the industry research group Digital Currency Forum, said, “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.”
DCJPY exhibits high potential for coexistence with the central bank’s planned digital currency, the digital Yen. This launch would align Japan with countries that have bolstered the adoption of digital currencies backed by bank deposits and blockchain technology.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
