Crypto project to release yen-backed digital currency

DeCurret, announcing through a white paper, has taken up the crypto project that will eventually launch a digital currency backed by the Japanese yen.

A digital currency backed by the Japanese yen, called DCJPY, is all set to debut in 2024. DeCurret Holdings, which is taking up the crypto project, has recently published a white paper on it. The paper lays out the goals and frameworks of the DCJPY network. It also mentions its aim to release the digital currency within July next year.

The white paper goes on to specify the details of the DCJPY network. It will comprise the Financial Zone, with banks, and the Business Zone, with operating businesses. The Business Zone will also see interconnections linking transactions.

“DCJPY, managed by banks in the Financial Zone, provides services by minting bank deposits as digital currency on the blockchain. DCJPY is built to maximize the use of high security measures and banking business know-how, such as identity verification and fund management. Therefore, it can be said to be an implementation method with high compatibility with Web3 while maintaining continuity with the existing financial infrastructure,” said DeCurret.

Meanwhile, the Business Zone will be able to issue various tokenized assets, including security, governance, and non-fungible tokens. The DCJPY network will enable automatic payment settlements and commercial operations through smart contracts . The respective banks will manage the network in the Financial Zone.

The Aozora Bank will be the main issuer of the digital currency. On the other hand, around 70 companies will take part in the DCJPY network. DeCurret plans to hold a detailed seminar regarding the white paper and the crypto project on October 18.

The Bank of Japan is also very active with central bank digital currencies, exploring the possibilities of a digital yen. Earlier in 2023, it started a pilot project for its CBDC. Similarly, it also constituted an expert panel to continue research on central bank digital currencies.

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