Three Japanese banks will test the release of stablecoins – Bits Media

Japanese bankers from Tokyo Kiraboshi Financial Group, Minna Bank and Shikoku Bank will take part in testing stabelcoins on the Japan Open Chain blockchain. This is written by the developer of the blockchain, company G.u. Technologies.

FROM 6 May a ban on surgery with stablecoins in Japan, tied to the exchange rate, will be removed. However, the authorities introduce new rules - the issuer for the release of stablecoins within the country will have to prepare collateral assets as confirmation.

The first stage of testing is the issue of coins and transactions inside banks. At the next stage, the introduction of stablecoins should be carried out, which will meet all the requirements of the law.

“The purpose of our experiment is to prove, that any bank is able to release a stable coin, Ethereum supported in the ecosystem, Including Metamask wallet ", -Banks say in a joint press release.

Japan Open Chain is completely compatible with the Ethereum ecosystem. The Japanese blockchain was developed by Gu Technologies together with the Pixiv Internet community, Advertising and communication holding dentsu, Minna Bank digital bank, Kyoto University of Arts and the Corgear technological company.

Earlier, the Japanese authorities said, that they returned to the project of creating digital yen and announced, that the pilot will be launched in April. Within the framework of the pilot program, the Central Bank will conduct simulated transactions with private financial institutions in the test environment. So far there will be no real transactions between retailers and consumers.

The Bank of Japan has already tested the state digital yen, But in August he suspended work on the project. Officials came to the conclusion, that citizens have a normal banking system, Therefore, the issue of expanding access to financial services is not important from a political or economic point of view.