The popularity of stablecoins is growing day by day. We’ve already informed you about the launch of pound-pegged coin LBXPeg, and here goes Japan.
GMO Internet, Inc. develops Internet infrastructure. The corporation started cryptocurrency exchange business in May 2017 and mining business later in December
The company is listed as #1 at Tokyo Stock Exchange. GMO Japanese Yen (GJY) will be available in the market in 2019.
GMO believes that stablecoins can solve the problem of many developing countries – hyperinflation. Also, stablecoins could change national currencies and become a perfect standard for the financial structure in the future. Japanese company considers GJY an ideal cryptocurrency.
According to the official statement details:
“...the “Yen-pegged currency” backed by the Japanese yen has high potential to be an ideal currency with high reliability as well as low remittance fee and fast transaction speed which are distinctive advantages of cryptocurrencies.”
Recently we wrote about the petition that has been started by Ken Takahashi. He wants Ripple (XRP) to be a cryptocurrency of the Olympic Games in Tokyo in 2020. If GJY has strong positions in the market and the Japanese government decides to incorporate cryptocurrency into the economy, there is a possibility yen-pegged currency will be the only crypto at the Olympics.