Japanese giant firm has announced their plans to issue a yen-pegged stablecoin called GMO Japanese Yen in the market. GMO internet group is already a part of the cryptocurrency industry and plans to venture in a third cryptocurrency enterprise with this coin.
Currently, the GMO enterprise has its hands-on in two businesses in the crypto industry, crypto mining and crypto exchange. It started crypto exchange business in May last year and the crypto mining in December. The firm has now outlined its plans to open a third business and it seeks to enter in ”cryptocurrency payment” with the crypto coin.
GMO announced, ” it will start full-scale preparations to issue stable coins of virtual currency, with an eye to enter into the ‘settlement’ area of virtual currency business.” The enterprise revealed that it has been investigating and researching whether the virtual currency could be the settlement currency from the viewpoint of volatility, as published in Bitcoin News.
Giant firms like GMO are venturing more and more into the cryptocurrency zone. However, one cannot deny the fact that cryptocurrency related fraud has created chaos in the Japanese market. Previously, it was reported that hackers stole $59 million worth of cryptocurrencies from Japanese cryptocurrency exchange Zaif. Cryptocurrency fraud amounted to 6.7 billion yen as the hackers managed to steal 4.5 billion yen from users and 2.2 billion from company assets, as reported in Cointelegraph.
The Japanese firm has its finger in every pie that is related to cryptocurrency and will be introducing the yen-pegged coin in the market. On the other hand, there are few investors in Japan who have tasted the bitter side of the cryptocurrency concept as they lost their assets worth in millions. Cryptocurrency being independent of the Central Bank one cannot get back their lost assets. The concept of cryptocurrency has its fair share of the positive and negative outcome with the latter posing a threat to the economy.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]