The “Digital Currency Forum”, in which 74 domestic companies and organizations such as 3 megabanks, NTT / KDDI and other telecommunications companies, JR East, Kansai Electric Power, and Yamato Holdings participate, is a Japanese yen-linked digital currency “DCJPY” that uses blockchain technology. “(DC JP W. Tentative name) outline (white paper) has been released.
The Digital Currency Forum explains its benefits, “It can avoid problems such as competition with private deposits, and it can promote private-sector-led innovation, which contributes to cost reduction and efficiency.” On the other hand, it should be noted that while so-called cryptocurrencies such as Bitcoin and Ethereum are independent “cryptocurrencies” that are not related to banks, DCJPY is a “digital currency” issued by private banks. is.
Specifically, DCJPY stabilizes the value in yen by taking the form of “deposits (that is, bank debt), secures interoperability through common areas, and responds to various needs through value-added areas. Is supposed to be realized. The common area is the area where exchanges such as issuance and depreciation of the digital currency DCJPY are performed. Each bank prepares a common area account linked to the actual deposit account, deducts the amount required for processing from the deposit account, and deposits it into the common area account. Then, the payment process is completed by performing the remittance process to the account of another customer in the common area.
On the other hand, the value-added area is an area that “makes it possible to write programs” customized to meet needs such as “linking payments to logistics / commercial distribution, simultaneous delivery of goods and services and funds, etc.” Is explained. For example, a company can set up a dedicated remittance platform for a particular service, and users make transactions with accounts on the value area. The value-added area account corresponds to the account in the common area, and when the remittance instruction is actually issued in the value-added area, the remittance by DCJPY will be processed in the common area in synchronization with it. is. Therefore, “the record of the transfer in the additional area means the record of the instruction to transfer the DCJPY of the account for the additional area existing in the common area”.
I’m just grateful to the readers who read the esoteric explanations with all their might, but for the time being, I wonder if this digital currency will soon be involved in shopping in our daily lives. , It doesn’t seem to be so.
DCJPY is rather a system for smoother, smoother, and lower cost payments between companies and banks. It is said that the proof-of-concept experiment will be started within the fiscal year, and it will be put into practical use by 2022 at the earliest, but the proof-of-concept experiment is said to be conducted mainly for electric power transactions.
However, as for the future usage scene of DCJPY, it is said that there are ideas such as settlement in industrial distribution, electronic money cooperation, utilization in local currency, utilization in the supply chain, cooperation with the entertainment area, etc. May become more involved with us, the general public.
By the way, although DCJPY is a digital currency issued by a private bank, the observers of the forum include the Financial Services Agency, the Ministry of Internal Affairs and Communications, the Ministry of Finance, the Ministry of Economy, Trade and Industry, and the Bank of Japan.
In addition, the Bank of Japan stated in its publication on the efforts of the Central Bank Digital Currency (CDBC) on October 9, 2020, “There are no plans to issue a CDBC, but we will be well prepared to respond appropriately to various changes in the environment in the future. “It is important,” he said. “When issuing a general-purpose CBDC, it is appropriate to maintain a two-layer structure (” indirect “issuance form) of the payment system by the central bank and the private sector.” rice field. In addition, the proof-of-concept experiment “building a systematic experimental environment and verifying the basic functions of the CBDC” is also “aiming to start early in 2021”.
(1: DCJPY (tentative name) White Paper, Digital Currency Forum Progress Report. Coverage: Bank of Japan. …)