3 years ago
Japanese trading location Mitsui & Co. plans to present a cryptocurrency linked to the terms of golden arsenic aboriginal arsenic this month, Nikkei Asia reported connected Friday.
The token, dubbed ZipangCoin (ZPG), volition beryllium sold to retail investors and volition beryllium linked to the terms of golden successful yen, procured by Mitsui from the London Metal Exchange, according to the report. The terms of 1 ZPG volition adjacent the worth of 1 gram of golden and volition beryllium guaranteed by Sumitomo Mitsui Banking Corp., Nikkei wrote.
ZPG is apt to beryllium Japan's archetypal gold-linked token, but not the archetypal specified token successful the world. Being pegged to the terms of gold, ZPG is apt to beryllium a comparatively unchangeable crypto.
ZPG volition initially beryllium sold done Mitsui's ain exchange. The exchange, which has been acceptable up on with Seven Bank and others, is registered with the Kanto Local Finance Bureau and is licensed by Japan's Financial Services Agency (FSA), Nikkei Asia reported. Kanto is the portion encompassing the Greater Tokyo Area.
Mitsui plans to besides usage ZPG arsenic a payments tool, utilized astatine the trading house's affiliated retailers done a smartphone app and different integer outgo systems, according to the report.
FSA-registered exchanges that privation to commercialized ZPG volition person to acquisition idiosyncratic individuality verification, the study said.
The coin volition tally connected a backstage blockchain, dissimilar those that cryptocurrencies similar bitcoin and ether are based on, according to the Nikkei Asia report. Private, besides called permissioned, blockchains power who participates successful the network.
Sumitomo Mitsui Banking is besides portion of a consortium of much than 70 Japanese banks and manufacture leaders that are moving to contented a slope deposit-backed digital yen.
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Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
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