BoJ official says digital yen won’t be used to achieve negative interest rate
The Bank of Japan (BoJ) has said that its Central Bank Digital Currency (CBDC), the digital yen, will not be used to help attain negative interest rates. The BoJ’s Executive Director, Shinichi Uchida made the announcement in his most recent public speech. “While the idea of using such a functionality as a means to achieve […]
Japan's financial regulators may propose legislation in 2022 restricting stablecoin issuance
According to The Nihon Keizai Shimbun (Nikkei), one of the world’s largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan’s Financial Services Agency, or FSA, will propose legislation next year restricting stablecoin issuance to only bank and wire transfer companies. Theoretically, this would prevent entities such as Tether (USDT), which does […]
Japanese megabanks join consortium launching yen-based digital currency
A consortium of roughly 70 Japanese companies, including the country’s biggest financial institutions, have joined forces to trial and launch a new yen-based digital currency in fiscal 2022, sending a strong signal that the private sector was embracing blockchain-based payment systems. The new digital currency, dubbed “DCJPY,” will be backstopped by bank deposits and rely […]
New York authorizes first Yen stablecoin operator in the US
New York has given the first authorization to a stablecoin backed by the Japanese Yen to operate in the U.S. Per a Dec. 29 announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.D. and Yen-backed stablecoins in New York. Given New York’s status as a global center, […]