A group of Japanese companies will issue a digital currency in July 2024 for transactions and settlement of green energy certificates. This information was conveyed by the DeCurret cryptocurrency exchange to us, October 12, 2023.
GMO Aozora Net Bank will issue a yen-based digital currency, called “DCJPY”, which will operate on the network launched by DeCurret.
Starting in July 2024, DCJPY is intended to be used by telecommunications company Internet Initiative Japan (IIJ) for the completion of clean energy certificates, which assign an environmental value to energy obtained from non-fossil fuel sources.
The company plans to make it tradable using blockchain technology. The DCJPY token will be backed by bank deposits and is intended to be linked to a bank account to enable smooth transaction settlement.
DeCurret says this enhances security by using banks’ existing know-your-customer (KYC) and anti-money laundering (AML) practices along with traceable blockchain ledgers and differentiates them from stablecoins, cryptocurrencies whose value is typically pegged to fiat currency .
Can Lower Payment Fees
DCJPY is also expected to drastically reduce payment settlement costs compared to existing direct debit and transfer systems.
“If cashless business entities can also become truly digital by using the DCJPY network, there will be huge cost savings for all stakeholders involved in payment settlement,” said DeCurret CEO Satoshi Murabayashi, quoted by Channel News Asia, Tuesday (17/10/2023).
The launch will align Japan with other countries that have seen an increase in the number of digital currencies backed by bank deposits and blockchain technology.
The DCJPY White Paper, released Thursday, said DCJPY has high potential to coexist with the central bank’s planned digital currency. DeCurret has spearheaded the launch of the digital currency by holding discussions with a consortium of Japanese companies looking to capitalize on the technology.
