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.
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.
