Japan Introduces Legal Framework for Stablecoins Linked to Yen
Japan becomes the first country to pass a stablecoins bill for investor protection.
The bill defines stablecoins as digital money pegged to the yen and can only be issued by licensed banks.
Mitsubishi UFJ Trust and Banking Corp will be releasing their own stablecoin – Progmat Coin.
After a massive crypto crash in the recent past, various governments and industry experts went vocal about streamlining the industry.
In fact, the bear crypto market is welcomed by many as they believe it is a chance to get rid of bad actors and focus on better yielding products.
Stablecoins like Tether (USDT) and USD Coin (USDC) were the talk of the town, especially during the World Economic Forum in Davos this year
The debates were sparked by the collapse of the so-called algorithmic stablecoin – terraUSD or UST, which saw its sister token luna drop to $0 in May.
Though regulators, central bankers, and authorities are antagonists to cryptocurrencies, many have become constructive in regulating the sector for investor protection
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