Tokyo-based GMO Internet Group has revealed plans for a 1:1 Japanese yen-collateralized virtual coin. The company, which has a crypto exchange and mining division, said on Tuesday it would roll out GMO Japanese Yen (GJY) in 2019 in a sign that the crypto business is becoming a significant income source for the service provider.
GMO Internet is still working on the rules to govern where and how underlying GJY fiat reserves will be held. The company will develop the coin through its international division Z.com, which currently offers cloud mining service. GJY will target mainly Asia, which is the core business region for the group.
“Stablecoins can be one of the solutions to hyperinflation afflicting many developing countries as an alternative currency to the unreliable local currency although issues such as true decentralization must be overcome. Also, as the cashle...
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