fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Thursday, March 23, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

Japan’s Parliament Introduces Framework For Stablecoins To Protect Investors

June 4, 2022
in Bitcoin
Reading Time: 3 mins read
A A
Japan’s Parliament Introduces Framework For Stablecoins To Protect Investors
ShareShareShareShareShare

Related articles

MetaMetaverse rebrands to MultiversalME for multiversal interoperability

MetaMetaverse rebrands to MultiversalME for multiversal interoperability

March 23, 2023
Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase

Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase

March 23, 2023

According to Bloomberg, Japan’s parliament enacted a legislative framework surrounding stablecoins pegged to the yen or another fiat currency on Friday. This is a historic move.

The bill makes it clear that stablecoins are digital money. They must be linked to a legal tender, like the yen, so that people can redeem them for their face value.

    Related Reading | Bukele: If BTC Succeeds In ELSL, “It’ll Be One Of History’s Biggest Game-Changers”

Governments worldwide are working to ensure that stablecoin investors are protected after last month’s TerraUSD crash. The report also stated that it led to multibillion-dollar losses from an asset hailed as safe. As per the data gathered by CoinGecko, such tokens have a combined market value of around $161 billion.

They will implement the legal framework for stablecoins in a year. In addition, the Financial Services Agency of Japan’ will propose regulations for stablecoin issuers in the upcoming months.

The Financial Services Agency of Japan prepared a measure in late 2021. The House adopted this measure in mid-March of this year. Now, the majority in the House of Councilors has cleared it.

 

Bitcoin is currently trading below $30.000 | Source: BTC/USD price chart from Tradingview.com

The report also indicates that when the government implements the legal framework, Mitsubishi UFJ Trust and Banking Corporation aims to issue its stablecoin named Progmat Coin. The bank subsidiary stated:

The token will be fully backed by yen that’s placed in a trust account, and that it will guarantee redemption at face value.

The Progmat Coin project is based on contributions and works from MUFG’s ST Research Consortium, founded in 2019 to develop security token standards. Additionally, the Digital Asset Co-creation Consortium has been renamed to broaden the scope of work beyond security tokens, including stablecoins, nonfungible tokens, crypto assets, and other areas.

Algorithmic Stablecoins Risks Shown By TerraUSD Crash

When the algorithms and trading incentives that were meant to keep the stablecoin TerraUSD pegged to the US dollar failed, TerraUSD started to drift away from its intended value.

The collapse harmed faith in other stablecoins as well, with Tether sliding from its dollar peg at one point. Since the event, the market cap of Tether has decreased by more than $20 billion. Besides, the issue sparked a significant selloff across all cryptocurrencies, virtually bringing the Terra network, which supports UST and its sister coin Luna, to a halt.

Related Reading | Metaverse Attracts Over $177 Million Of Investment From South Korean Gov.

In late May, the Terra community decided to support a plan to create a new blockchain that does not include the UST token. The stablecoin is still based on the outdated Terra Classic network. So, it has lost nearly all of its value because of the recent crash.

                 Featured Image from flickr.com and chart from tradingview.com

 

Credit: Source link

ShareTweetSendPinShare
Previous Post

BTC/USD Given Below 30000 Again: Sally Ho’s Technical Analysis 5 June 2022 BTC

Next Post

Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says Precious Metal ‘Good for Diversification’ – Economics Bitcoin News

Related Posts

MetaMetaverse rebrands to MultiversalME for multiversal interoperability

MetaMetaverse rebrands to MultiversalME for multiversal interoperability

March 23, 2023

MetaMetaverse, a metaverse platform, is rebranding to MultiversalME, to represent the company’s commitment of creativity and multiversal interoperability at scale. ...

Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase

Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase

March 23, 2023

The US Securities and Exchange Commission has shifted its target to Coinbase while still in a long-running legal tussle with...

DOGE Rebounds, LTC Climbs 13% Higher – Market Updates Bitcoin News

DOGE Rebounds, LTC Climbs 13% Higher – Market Updates Bitcoin News

March 23, 2023

Litecoin was one of Thursday’s biggest gainers, as prices rose by as much as 13% in today’s session. This came...

SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

SHAmory Announces Satoshi Plush That Will Support The Built With Bitcoin Foundation

March 23, 2023

21% of the proceeds of the sale of Satoshi will be donated to the non-profit BWB organization. SHAmory, a Bitcoin...

Xapo Bank enables USD Coin (USDC) deposits and withdrawals 

Xapo Bank enables USD Coin (USDC) deposits and withdrawals 

March 23, 2023

Xapo Bank has announced that its members can now directly deposit and withdraw their USDC stablecoins on its regulated banking...

Load More
Next Post
Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says Precious Metal ‘Good for Diversification’ – Economics Bitcoin News

Czech Central Bank Plans Tenfold Increase in Gold Holdings, New Governor Says Precious Metal 'Good for Diversification' – Economics Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

DeFi insurance grew in 2022 to include nearly two dozen providers

DeFi insurance grew in 2022 to include nearly two dozen providers

March 21, 2023
Peter Schiff Blames Too Much Government Regulation for … – Cryptopolitan

Peter Schiff Blames Too Much Government Regulation for … – Cryptopolitan

March 20, 2023
Taiwan’s Crypto Industry Welcomes Regulatory Announcement – CoinDesk

Taiwan’s Crypto Industry Welcomes Regulatory Announcement – CoinDesk

March 20, 2023
Bringing crypto transactions under the lens of the PMLA: What does this mean for the market? – Economic Times

Bringing crypto transactions under the lens of the PMLA: What does this mean for the market? – Economic Times

March 20, 2023
Altcoins To Thrive in the Upcoming Bull Market- Do You Hold Any? 

Altcoins To Thrive in the Upcoming Bull Market- Do You Hold Any? 

March 17, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune
  • IOTA and Web3 Builder NakamaLabs explore the benefits of tokenization with real-world use cases
  • MetaMetaverse rebrands to MultiversalME for multiversal interoperability
  • Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase
  • Federal Reserve Admits Blindsided Oversight of SVB Collapse
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,419.002.99%
  • ethereumEthereum(ETH)$1,824.554.31%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.01-0.15%
  • binancecoinBNB(BNB)$330.831.69%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.4456583.78%
  • cardanoCardano(ADA)$0.3727432.30%
  • dogecoinDogecoin(DOGE)$0.0775904.06%
  • staked-etherLido Staked Ether(STETH)$1,816.514.07%
  • matic-networkPolygon(MATIC)$1.13-0.28%
  • solanaSolana(SOL)$22.201.22%
  • binance-usdBinance USD(BUSD)$1.01-0.55%
  • polkadotPolkadot(DOT)$6.293.32%
  • litecoinLitecoin(LTC)$93.285.78%
  • shiba-inuShiba Inu(SHIB)$0.0000111.93%
  • tronTRON(TRX)$0.06685511.44%
  • avalanche-2Avalanche(AVAX)$17.634.04%
  • daiDai(DAI)$1.00-0.07%
  • uniswapUniswap(UNI)$6.252.45%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,467.003.03%
  • chainlinkChainlink(LINK)$7.585.10%
  • cosmosCosmos Hub(ATOM)$11.753.73%
  • leo-tokenLEO Token(LEO)$3.380.41%
  • ToncoinToncoin(TON)$2.05-15.19%
  • ethereum-classicEthereum Classic(ETC)$20.803.04%
  • moneroMonero(XMR)$156.764.55%
  • okbOKB(OKB)$44.94-0.71%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$128.591.43%
  • stellarStellar(XLM)$0.0927872.50%
  • filecoinFilecoin(FIL)$5.904.67%
  • AptosAptos(APT)$13.134.44%
  • true-usdTrueUSD(TUSD)$1.01-0.12%
  • lido-daoLido DAO(LDO)$2.33-2.14%
  • hedera-hashgraphHedera(HBAR)$0.0625901.26%
  • quant-networkQuant(QNT)$127.211.18%
  • ArbitrumArbitrum(ARB)$1.40-72.15%
  • crypto-com-chainCronos(CRO)$0.0702512.24%
  • nearNEAR Protocol(NEAR)$2.054.96%
  • vechainVeChain(VET)$0.0237353.65%
  • blockstackStacks(STX)$1.16-1.98%
  • algorandAlgorand(ALGO)$0.2188990.49%
  • internet-computerInternet Computer(ICP)$5.193.00%
  • apecoinApeCoin(APE)$4.153.97%
  • fantomFantom(FTM)$0.4938013.46%
  • the-graphThe Graph(GRT)$0.1537256.00%
  • eosEOS(EOS)$1.165.51%
  • the-sandboxThe Sandbox(SAND)$0.662.54%
  • decentralandDecentraland(MANA)$0.613.72%