Japan to Launch Bank-Deposit-Backed Digital Currency in 2022
Banks, Railway, and NTT Involved in Trial Run
DCJPY to Be Launched in July 2024
A consortium of roughly 70 Japanese companies, including top lenders, railway operators, and NTT, has announced plans to launch a bank-deposit-backed digital currency, tentatively named "DCJPY," in 2022.
The initiative is part of Japan's efforts to explore the potential of blockchain technology and digital currencies. It aims to create a secure and efficient digital payment system that complements existing financial infrastructure.
According to the consortium, DCJPY will be pegged to the Japanese yen and backed by bank deposits, providing stability and trust among users. It will initially be used in a trial run by the consortium members, with plans to extend its availability to the public in the future.
The launch of DCJPY is expected to have a significant impact on Japan's financial landscape. It could potentially revolutionize digital payments, reduce transaction costs, and increase financial inclusion for unbanked or underbanked individuals.
Digital currency and electronic payments business DeCurret Holdings intends to launch DCJPY in July 2024. The company has already raised millions of dollars in funding to support the project.
The Japanese government is actively supporting the development of digital currencies and blockchain technology. In 2017, it established a regulatory framework for cryptocurrency exchanges and has been working with industry leaders to foster innovation in this rapidly evolving space.
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