Japan to launch its own digital currency backed by yen in July 2024

by Oct 12, 2023CryptoNews0 comments

Japan is planning to launch a digital currency that is backed by the Japanese yen and will be compatible with various platforms and devices. The digital currency, called DCJPY, will be issued by a consortium of banks, fintech companies, and regulators, and will aim to provide a fast, secure, and convenient method of payment and settlement.

DCJPY will be based on blockchain technology and will use a hybrid consensus mechanism that combines proof-of-work and proof-of-stake. The digital currency will have a fixed supply of 100 billion units and will be pegged to the yen at a 1:1 ratio. Users will be able to exchange DCJPY with yen or other currencies through authorized exchanges or wallets.

The project is expected to launch in July 2024, after a series of tests and trials. The project is supported by the Japanese government, which sees the potential of digital currencies to enhance the efficiency and inclusiveness of the financial system, as well as to promote innovation and competitiveness. The project is also in line with the global trend of central bank digital currencies (CBDCs), which are being explored by many countries around the world


See also  Exchange Token Listing Scams Make a Comeback Amid Crypto Market Recovery

Recent News

Recent Posts

Disclaimer: The information provided on this website is for informational purposes only. We strive to ensure the accuracy and reliability of the content, but we make no representations or warranties of any kind, express or implied, regarding the completeness, accuracy, reliability, suitability, or availability of the information. The use of this website is solely at your own risk.
We do not endorse or promote any specific cryptocurrencies, projects, exchanges, or investments mentioned on this website. The inclusion of any external links does not imply endorsement or recommendation.
Please note that the cryptocurrency market is highly volatile and involves substantial risks. You should carefully consider your own financial situation and risk tolerance before engaging in any cryptocurrency-related activities.

Related Post


Submit a Comment

Your email address will not be published. Required fields are marked *