Japan’s GMO Internet to Launch Yen-Pegged Digital Currency Next Year

Asia Blockchain Review
January 1, 2020

Japanese online infrastructure giant GMO Internet has announced that it will launch the “GMO Japanese yen” outside of the island nation within the first half of 2020. The digital currency will reportedly receive regulatory approvals before it is officially launched on GMO Internet’s proprietary blockchain.

Stablecoin on GYEN Blockchain

The yen-pegged digital currency will be released outside Japan via GMO Internet’s propriety blockchain, GYEN. The company is now testing the blockchain system following its development phase.

The company said in a statement, “GMO Internet’s development and planned launch of GYEN will be through Z.com, the global brand for overseas strategies of GMO Internet Group. As the GYEN blockchain development has been completed, GMO Internet is currently carrying out an extensive internal testing of the technology.”

GMO Internet plans to use a digital currency for borderless trading, payments, and remittance powered by blockchain.

Stablecoin to Disrupt Remittance Industry

According to GMO Internet, stablecoins could stabilize price volatility in the cryptocurrency market. 

It said in a statement, “One of the challenges of promoting and enhancing market liquidity of cryptocurrencies is stabilizing price volatility which poses a risk to global remittance and payments. Amid such circumstances, stablecoins have been attracting attention as price-stable cryptocurrencies whose values are backed by a fiat currency or other underlying asset.”

GMO Internet started its digital asset business in mid-2017 as a cryptocurrency exchange and crypto mining in Japan.

The tech giant is not the only Japanese conglomerate that has entered the crypto scene. SBI Holdings recently announced its plan to invest in two crypto subsidiaries of a German stock exchange. The company previously invested in the digital securities platform Securitize.

Source: www.financemagnates.com

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