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Final Report of the Digital Currency Study Group

2020.11.19

Final Report of the Digital Currency Study Groupto Examine the Settlement Infrastructure of Digital Currencies in Japan

Establishment of the Digital Currency Forum and implementation of the Proof of Concept (PoC)

DeCurret Inc. (HQ: Chiyoda-ward, Tokyo Japan; President & CEO: Kazuhiro Tokita, hereinafter “DeCurret”) is pleased to have leading Japanese companies and experts from a wide range of sectors, including retail, transportation, and telecommunications, as well as related ministries and agencies as observers, to participate in a four-month conference from June to September 2020. The Digital Currency Study Group was held to study currency settlement infrastructure. This is the final report of the study group.

 

In this study group, we have discussed how digital currencies can contribute to add value and improve efficiency under various use cases of "a digital currency issued by the private sector and compatible with the Japanese yen" as the main topic of discussion. As a result, we have come up with a "two-layered digital currency" model that has a common area, which is the core function of a blockchain-based digital currency, and an additional area, which implements business logic and smart contracts, to maximize programmability. We concluded that the model would contribute to the development of the economy.

 

We will transform the Study Group into a "Digital Currency Forum" and conduct a conceptual study (PoC) on privately issued digital currency based on various use cases. In addition, we will continue to study the economic impact of digital currencies and institutional issues of specific use cases.

 

In addition to the members of the Study Group, leading companies from various industries will participate in the Digital Currency Forum to share information and exchange opinions in a wide range of fields. Through these activities, DeCurret hope to contribute to improving the efficiency and convenience of Japan's financial infrastructure and promoting economic DX with the participants.

 

【About the Digital Currency Forum】

  1. Purpose

    Subcommittees to be held for each use case to examine the practicality of digital currencies and to examine the common areas of two-tiered digital currency, the added value of services, and the cost savings in new investment and renewal investment related to infrastructure. We conduct "design, development and experimentation" in the domain. Through conceptualization (PoC), we aim to find a consensus on technical issues, KYC, AML/CFT compliance, and other issues and solutions for real-world use of digital currencies, and to standardize services and infrastructure.

  2. Summary

    Chair

    Mr. Hiromi Yamaoka, Director, Future Corporation (former head of the Payment and Settlement Systems Department, Bank of Japan)

    Secretariat DeCurret Inc.
    Period

    From December 2020

    (The period and frequency to be set for each sectional meeting.)

    Main discussion topics

    Examination of the practicality of digital currencies in each use case

    Requirement definition, design and development of common and additional areas

    Identification of issues and solutions for the actual operation of digital currencies,  and creation of standards

  3. Participants, advisors, and observers 

 Participating companies, organizations and experts are listed in the final report issued by the Digital Currency Study Group.

 > 【Summary】Innovation-of-Payment-Infrastructure-and-Potential-of-Digital-Currencies-in-Japan.pdf

 > 【Full Text】Innovation-of-Payment-Infrastructure-and-Potential-of-Digital-Currencies-in-Japan.pdf

 

【DeCurret】Final-Report-of-the-Digital-Currency-Study-Group.pdf