GMO Internet, Inc. is 9 days, announced that it plans to start issuing towards the Asia region a stable coin “GMO Japanese YEN” in conjunction with the Japanese yen to prospect the 2019 fiscal year.
According to the press release, paying attention to the potential of stable coins to realize price stability, we are preparing for issuance to support borderless transactions of virtual currencies with a view to utilizing future cryptocurrency settlement .
Stable coins are “legal currency collateral type” secured by legal currency, “cryptocurrency collateral type” collateralized by other virtual currencies, “uncollateralized type” which stabilizes value with security by the smart contract function without collateral of assets “There are three major classes,
For GMO Japanese Yen (GJY) issued by GMO this time, we announced that we are considering adopting the currency board system at the legal currency-backed type (yen peg currency) secured by Japanese yen .
- What is the currency board system?
- One of the exchange rate policies, to hold the Japanese yen equivalent to the issuing currency (GMO Japanese Yen) and to secure value.
Currently, the GMO Internet Group, which positions the cryptocurrency business as a strategic business field, has already entered the two areas of “exchange”, “mining” and “settlement” in “exchange” and “mining”.
If issuance of stable coins announced this time is realized, it will take a big step in entering the remaining “settlement” area.
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Article Source: Press Release
Author: ぼ に フ ァ 【Coin Desk News】 – Source Post: https://crypto-times.jp/gmo-japanese-yen/
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