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Japan’s first bank-supported digital currency coming in 2024

japans-first-bank-supported-digital-currency-coming-in-2024
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Japan’s first bank-supported digital currency coming in 2024

The telecommunication firm Internet Initiative Japan will use the yen-pegged digital currency for clean energy settlements.

Japan will launch its first bank-supported digital currency in 2024 as the digitization of economies races ahead.

Japanese internet bank GMO Aozora Net Bank is said to issue the yen-pegged digital currency — backed by bank deposits — under the ticker DCJPY by July 2024, Reuters has learned.

The turnover of DCJPY will be made using a blockchain network developed by DeCurret, a Japan-licensed cryptocurrency exchange acquired by Amber Group in early 2021.

Initially, it is planned that telecommunication firm Internet Initiative Japan will use the digital currency for settlement of clean energy certificates. However, DeCurret reportedly also discussed with other Japanese giants, such as Mitsubishi UFJ Financial Group Inc, to tap the technology.

Japan’s digital services

Recent updates to Japan’s payment regulations stimulated the local fintech firms and banks to put resources into research and development of digital services.

For example, Soramitsu, a Japanese blockchain firm, has started working on a cross-border payment system in Asia, utilizing Cambodia’s central bank digital currency (CBDC) and blockchain. Eventually, the firm plans to collaborate with countries like India and China to increase the adoption rate.