Digital Yen Set To Be Launched By This Japanese Financial Giant: Here Is Where DCJPY Can Be Used
Japan Post Bank (OTCPK: JPSTF) announced plans to introduce a digital yen by the end of fiscal 2026 to streamline digital financial transactions for its depositors, according to a Tuesday report.
Digital Yen Or Stablecoin?
The financial giant, whose shareholders include the Japanese government, will introduce “DCJPY,” a digital currency developed by a Japanese digital currency startup DeCurret DCP, Reuters reported.
The blockchain-based deposit currency is fully backed 1:1 by fiat yen, although it is different from stablecoins. Once introduced, the bank’s depositors can convert their yen into DCJPY for instant transactions of digital securities and other blockchain-based assets.
The bank also plans to allow its clients to use the digital currency to buy assets like real estate, corporate bonds and non-fungible tokens, reported The Japan Times.
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