Japan Launches First Digital Currency-Based Corporate Settlement Service

TOKYO, Aug 29 (News On Japan) - Japan's first digital currency-based corporate settlement service, protected by technology to prevent counterfeiting and unauthorized access, is set to launch.

Miwa Yamai, Executive Officer at IIJ, commented, "Honestly speaking, it's not so much about increasing transaction volumes but more about the ability to use a new form of settlement."

This service utilizes the digital currency "DCJPY" issued by GMO Aozora Net Bank.

Unlike virtual currencies such as Bitcoin or electronic money issued by private companies, this type of digital currency is backed by deposits in regular currencies like cash and issued by domestic financial institutions.

It employs blockchain technology to link data on who owns it and what it was used for.

Initially, leading telecommunications company Internet Initiative Japan (IIJ) will adopt this digital currency for settlement transactions with its corporate partners.

Source: ANN

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