Japan To Witness Its Own Version Of The Virtual Currency Libra

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
Japan To Witness Its Own Version Of The Virtual Currency Libra

  • The Blockchain Promotion Association or as referred to as BCCC, has recently established its new “Stablecoin Subcommittee”.
  • ZENX is a kind of a basket-type stable coin along with a currency conscious of Facebook’s Libra concept.
  • The Social Experiment Phase 2 had given rise to the digital token “Zen” which BCCC had announced at the beginning of this year. 

The Blockchain Promotion Association or as referred to as BCCC, has recently established its new “Stablecoin Subcommittee”. This happened on the 22nd of this year.

Along with it, they had also announced the issuance of ZENX. ZENX is a kind of a basket-type stablecoin along with a currency conscious of Facebook’s Libra concept. If it gets adopted, a Japanese version of Libra would be born.

From February 2020, various activities for the implementation of the virtual currency stablecoin have been going on with full zeal.

The announcement which has made regarding this can be considered almost equivalent to the Social Experiment Phase 2. The Social Experiment Phase 2 had given rise to the digital token “Zen” which BCCC had announced at the beginning of this year. 

Firstly, on has to issue stable coins which peg Japanese yen, US dollar, euro, Chinese yuan, etc. Once you have done that, then ZENX, which constructed of a basket-type as a backing asset along with the stable coin, would be issued.

It has announced explicitly that it is a mechanism which is conscious of Libra. It further, adopts a similar device which automatically changes the composition ratio and the value as per the situation of each currency.

Mr. Yasunori Sugii of Currency Port would chair the recently established Stablecoin Subcommittee. In Phase 2, they will start to contrive the use of these stable coins.

Further, when it comes to the demonstration experiment anticipated to begin in six months, there are various plans to do it in the area of the settlement between the companies.

As it has mentioned previously too, BCCC is an industry group which expresses its view that it is going to be the first year of stablecoin at the beginning of 2020. It has also announced that it will be a year of taking a new step as a social infrastructure.

It also indicated that a lot of new initiatives are going to undertake in Japan. The primary reason for this is the revision of the law in Japan which took place earlier.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners