More than 70 Japanese corporations have teamed up to develop their own blockchain-backed digital currency.
Japanese corporations join forces to develop a new digital currency
The organization behind the currency, which has been referred to as DCJPY, is The Digital Currency Forum. Four private banks, telecommunications firms, railway operators, and industrial giants including Mitsubishi are among the Forum’s members.
The organization has shared a document showing how users would “mint” DCJPY by sending funds from a bank account to a digital currency account stored on a platform created and run by Forum members.
Digi-Yen holders may transfer their currency to other users on the platform, or “burn” it by sending it to a bank account. DCJPY will not be immediately convertible to cash.
The white paper suggests that bank-issued DCJPY should be treated the same as deposits since it is already well regulated and should lead to faster adoption of a digital currency.
The Forum is hopeful that the DCJPY test will begin in 2022, but no timetable has been established yet.
