Digital currency and electronic payments firm DeCurret Holdings has unveiled plans for a new cryptocurrency project called “DCJPY,” with an expected launch date in July 2024. This project aims to create a blockchain-based ecosystem with two primary zones: the Financial Zone and the Business Zone.

In the Financial Zone, banks will play a central role by minting deposits as digital currency on the blockchain. The DCJPY Network intends to introduce efficiencies and transparency by leveraging blockchain technology for the creation and management of digital currencies. This will help streamline the issuance and tracking of digital assets, reducing reliance on traditional banking systems for transactions.

The Business Zone, on the other hand, will be dedicated to facilitating various transactions. In this zone, users will have the opportunity to issue nonfungible tokens (NFTs), security tokens, and governance tokens. This offers a wide range of possibilities for participants in the DCJPY Network to explore new forms of digital assets, potentially revolutionizing the way businesses operate.

The leading issuer of DCJPY will be Aozora Bank, a commercial entity with a significant presence in Japan, boasting 19 domestic branches. While the white paper doesn’t specify the names of other network participants, DeCurret itself is backed by 35 shareholding companies, which include prominent names such as Japan Post Bank, Mitsubishi, and Dentsu Group.

To introduce this ambitious project, DeCurret will hold a seminar on October 18, which will take place in Tokyo and won’t be streamed online. During the seminar, they will provide a detailed explanation of the key points outlined in the white paper, allowing stakeholders and the public to gain a deeper understanding of the DCJPY project.

This initiative comes at a time when central banks, including the Bank of Japan, are actively exploring the possibility of issuing central bank digital currencies (CBDCs), often referred to as a “digital yen.” The Bank of Japan released the results of its second-phase CBDC experiment in May 2023 and is expected to make a final decision on the issuance of a digital yen by 2026. The DCJPY project reflects the broader trend toward exploring digital currencies and blockchain technology’s potential to transform traditional financial systems.

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