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A consortium of Japanese firms is set to launch a yen-based digital currency, "DCJPY," by July 2024, that will be used in transaction and settlement of clean energy certificates.
Cryptocurrency exchange DeCurret revealed the issuance of a new digital currency today that will be used by various Japan-based firms for clean energy transactions.
GMO Aozora Net Bank will issue the digital currency, which will find application in the settlement of clean energy certificates, DeCurret told Reuters.
DCJPY Will Streamline Certification Process
The telecommunication firm Internet Initiative Japan (IIJ) will employ this digital currency to streamline the certification process, further propelling Japan's drive towards a sustainable and eco-friendly future.
DeCurret's digital currency will leverage blockchain technology and will be backed by bank deposits.
This launch will position Japan in alignment with other nations that have witnessed a growing trend in digital currencies supported by bank deposits and blockchain technology.
In doing so, it also raises questions about the Japan’s central bank's own digital currency plans, as the emergence of privately issued digital currencies continues to reshape the financial landscape.
Major Japanese Financial Institutions Involved in DCJPY Initiative
The consortium spearheading this initiative includes major financial institutions such as Mitsubishi UFJ Financial Group Inc, Mizuho Financial Group Inc, and Sumitomo Mitsui Financial Group Inc.
Together, they have been actively meeting to explore ways of establishing a shared settlement infrastructure for digital payments, further solidifying Japan's commitment to advancing in the realm of digital finance.
This forward-looking endeavor promises to enhance the efficiency and transparency of clean energy certificate transactions and signals a growing adoption of digital currencies in sectors extending beyond traditional financial services.