Despite the recent downturn in the cryptocurrency market, we continue to see new developments, especially in the blockchain field. DeCurret Holdings, a Japan-based cryptocurrency and payment services provider, released a whitepaper on October 12th about their upcoming crypto project, DCJPY. The project is expected to be available to users in July 2024.
Project Details Revealed
According to the details in the whitepaper, the DCJPY Network will consist of a Finance Zone and a Business Zone. The Finance Zone will be responsible for providing deposits for the cryptocurrency in the blockchain network, while the Business Zone will work to facilitate transactions on the crypto network and provide services to the tokens in the ecosystem.
The project will support deposits in the Japanese Yen fiat currency. Aozora Bank, a commercial institution with 19 local branches in Japan, will play a key role in the launch of DCJPY.
In 2021, DeCurrent Holdings had previously announced a consortium of 70 Japanese companies that will be part of the DCJPY ecosystem. While the whitepaper does not mention the names of all network participants, it does include the names of 35 companies, including DeCurret, Japan Post Bank, Mitsubishi, and Denstsu Group.
Progress in Japan
In a recent announcement, the company officials revealed that a seminar will be held on October 18th to provide information about the ecosystem, using the whitepaper as a reference. The meeting will take place in Tokyo and will not be broadcasted online.
Interest in blockchain technology continues to grow in Japan. In particular, there has been a significant hype around NFT collections introduced as Asian projects since May, which delighted many Web3 users. During the same period, the Bank of Japan published the results of the second phase of its central bank digital currency experiment. According to the results, officials will make their final decision on the launch of a digital yen by 2026.
Another development in Japan comes from Binance and Mitsubishi UFJ Trust and Banking Corporation. These two companies have begun researching the issuance of stablecoins in Japanese yen and other foreign currencies.
