Japan Launches Digital Currency
Crypto exchange DeCurret has announced that a group of Japanese companies, including Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group, will collaborate to launch a digital currency called “DCJPY” by July 2024. The currency will be used for the exchange and settlement of clean energy certificates. GMO Aozora Net Bank will introduce the currency, which will be used by Internet Initiative Japan (IIJ). Transactions will be conducted on a network introduced by DeCurret, which uses blockchain technology for bank deposits. In February 2022, global digital asset platform Amber Group acquired DeCurret Inc., allowing Amber Group to enter the Japanese market.
Japan is set to join other nations in adopting digital currencies supported by bank deposits. The Bank of Japan has partnered with 60 companies to create a digital yen, focusing on commercial and technological aspects of retail transactions using a central bank digital currency (CBDC). The partnership will involve discussions on various subjects.
(With inputs from Shikha Singh)
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