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Tokyo-based digital payment specialist, DeCurret Holdings, recently unveiled its plan to roll out a new cryptocurrency named "DCJPY". The ambitious project is slated for a mid-2024 launch, as mentioned in the company's latest white paper released on October 12.
Delving into the specifics, the white paper sketches out the framework of the DCJPY Network. This network bifurcates into two primary segments: the Financial Zone and the Business Zone. While the Financial Zone's primary objective is to enable banks to convert deposits into digital currency on blockchain platforms, the Business Zone is crafted for transactional activities. Additionally, the latter section will also offer avenues for issuing various tokens, encompassing nonfungible, security, and governance categories.
Aozora Bank, a renowned commercial institution boasting 19 branches spread across Japan, will assume the role of the primary issuer for DCJPY. This cryptocurrency will derive its backing from deposits maintained in Japanese yen.
Notably, in the previous year, DeCurret made waves with news of a consortium comprising 70 notable Japanese firms poised to actively engage in the DCJPY Network. Although the white paper refrains from dropping the names of these participating entities, DeCurret's impressive backing includes influential stakeholders like Mitsubishi, Japan Post Bank, and the Dentsu Group.
To elucidate the intricate details and objectives behind this groundbreaking venture, DeCurret has scheduled a seminar on October 18. This event, dedicated to dissecting the white paper, will convene in Tokyo without any digital streaming options for remote participants.
Parallelly, Japan's financial landscape seems to be evolving at a rapid pace. Back in May 2023, the Bank of Japan publicized findings from the second leg of its exploratory phase related to central bank digital currencies. The institution aims to finalize its stance on introducing a "digital yen" by 2026.
In the backdrop, other financial stalwarts like Binance, alongside Mitsubishi UFJ Trust and Banking Corporation, have expressed interest in launching Japanese yen-backed stablecoins and those pegged to other foreign currencies in Japan.
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