Japanese trading house Mitsui & Co. is set to launch a digital currency called ZipangCoin (ZPG) as early as this January.
- The digital currency will be linked to gold prices and sold to retail investors via cryptocurrency exchanges.
- The currency will be Japan’s first crypto pegged to gold. Unlike Bitcoin and other cryptos that are not supported by underlying tangible assets, the value of the new crypto will be less volatile.
- Mitsui has created a crypto exchange with Seven Bank and other partners and has registered with Kanto Local Finance Bureau after approval by the central government’s Financial Services Agency (FSA).
- ZPG will be connected to gold purchased at yen-denominated prices by Mitsui from the London Metal bourse. The value of ZPG will be equal to one gram of gold and backed by Sumitomo Mitsui Banking.
The new currency will be sold via Mitsui’s exchange and later made available on other bourses.
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Source: Nikkei Asia