A monetary expertise firm primarily based in Tokyo, JPYC, has launched a brand new digital token that’s tied to the Japanese yen.
The digital token, also called JPYC, turned obtainable on October 24, in response to the corporate’s announcement.
It’s backed equally by Japanese yen held in financial institution accounts and by government-issued bonds. The corporate confirmed that one JPYC token will be exchanged for one Japanese yen at any time.
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Alongside the token, JPYC launched a platform named JPYC EX. This service permits customers to acquire or return the stablecoin via a regulated course of.
The platform follows strict identification and transaction checks beneath Japan’s authorized framework to stop cash laundering.
To get JPYC, customers should switch yen to a delegated account. As soon as obtained, the equal quantity in stablecoin is distributed to their digital pockets. If customers need to convert the token again into yen, they’ll request a refund to a pre-approved checking account.
At a press occasion in Tokyo, JPYC’s president, Noriyoshi Okabe, described the launch as an essential step ahead for Japan’s foreign money system.
In keeping with Enterprise Insider Japan, seven firms have already proven curiosity in utilizing the coin for their very own companies.
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