DeCurret Holdings a digital currency and e-payment firm has disclosed plans to launch its cryptocurrency project DCJPY in July 2024. The firm published a whitepaper detailing its vision for DCJPY, structure, and functionality.
The managing arm of DCJPY is the DCJPY network which consists of the Financial Zone and the Business Zone. The Financial Zone houses the issuing banks that manage the digital currency and the Business Zone presents a platform for operating companies to build their businesses.
Also, the Business Zone is reserved for transactions and issues Non-Fungible Tokens (NFT), Security Tokens (ST), and Governance Tokens (GT). Additionally, it would aid integration with external blockchains and external systems, DeCurret said.
DCJPY offers a way to mint bank deposits as a digital currency on the blockchain and is built with key banking features like identity verification and fund management. According to DeCurret, DCJPY has an “implementation method with high compatibility with Web3 while maintaining continuity with the existing financial infrastructure.”
Further, DCJPY will be backed by deposits in Japanese Yen with Aozora Bank being the leading issuer. Aozora Bank has a significant presence in Japan powering 19 domestic branches in the nation.
DeCurret DCJPY claims strong backing following the firm’s previous report of about 70 Japanese companies participating in the DCJPY Network. Alongside, the DeCurret firm is backed by 35 shareholding companies including the notable Japan Post Bank, Mitsubishi, and Dentsu Group.
Moreso, DeCurret plans a commemorative seminar on the white paper scheduled for October 18 to explain the key points of the project. The seminar taking placey in Tokyo will not be streamed online.
Other yen backed initiatives include the Bank of Japan moves to explore a central bank digital currency and plans a final decision by 2026. Alongside, Binance and Mitsubishi UFJ Trust and Banking Corporation are exploring a Japanese yen initiative.
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