Bank AI

Financial technology company DeCurret Holdings has <a href="https://www.decurret-dcp.com/en/news/nl-20231012.html">unveiled</a> plans for a Japanese yen-backed digital currency, named the DCJPY, with a scheduled launch date in July 2024. 
<h2 id="span-style-font-weight-400-aozora-bank-will-be-the-primary-issuer-of-the-digital-currency-span">Aozora Bank will be the Primary Issuer of the Digital Currency&nbsp;</h2> 
As per the <a href="https://cointelegraph.com/news/crypto-japanese-yen-backed-digital-currency-dcjpy-july-2024">report</a>, Aozora Bank, a prominent commercial entity boasting 19 domestic branches in Japan, is set to assume the role of the primary issuer for DCJPY. This digital currency will be backed by deposits denominated in Japanese yen.&nbsp; 
<h3 id="span-style-font-weight-400-seminar-held-to-discuss-key-aspects-of-the-digital-currency-span">Seminar Held to Discuss Key Aspects of the Digital Currency</h3> 
In addition, DeCurret has scheduled a seminar in Tokyo for October 18th, during which they will elucidate the key aspects of the project outlined in the white paper. 
The white paper revealed by the company details that the DCJPY ecosystem will be structured around two distinct blockchain networks.&nbsp; 
<h2 id="span-style-font-weight-400-separate-zones-span">Separate Zones</h2> 
The ‘Business Zone’ network will primarily serve the purpose of issuing user assets, encompassing activities such as the creation and transfer of digital assets and non-fungible tokens (NFTs).&nbsp;The ‘Financial Zone’ network will function as a designated service area for banks to convert deposits into digital assets. 
Hiromi Yamaoka, the chairperson of the industry research group Digital Currency Forum, <a href="https://amicsign.com/whitepaper/6726fd7575h5011898ow146799u044220p1900579l5m73797d/DCJPY_WP_2023EN.pdf">commented</a>: It is expected that the currency system of the future will make further contributions to economic development and people’s welfare through fulfilling more advanced functions of information and data processing. Digital currencies should play a central role in this process.” 
<h3 id="span-style-font-weight-400-japan-dives-deeper-into-crypto-and-web3-span">Japan Dives Deeper into Crypto and Web3</h3> 
Back in July, Chairman Koichi Hagiuda of the Liberal Democratic Party’s Policy Research Council previously <a href="https://thecoinrise.com/japans-prime-minister-acknowledges-the-potential-of-web3/">underlined Japan’s leading position in adopting</a> the emerging technology known as Web3. He has stressed the significance of providing early-stage support to startups involved in Web3.&nbsp; 
Furthermore, in an effort to cultivate a more conducive atmosphere for the blockchain industry, <a href="https://thecoinrise.com/japan-blockchain-association-requests-government-to-revise-crypto-tax/">the Japan Blockchain Association (JBA)</a> has urged the government to reconsider Japan’s cryptocurrency taxation system. They argue that the current framework is hindering the advancement of Web 3.0 enterprises within the country. 
The post <a rel="nofollow" href="https://thecoinrise.com/digital-currency-backed-by-japanese-yen-to-debut-in-2024/">Digital Currency Backed by Japanese Yen to Debut in 2024</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Digital Currency Backed by Japanese Yen to Debut in 2024

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