• Three Japanese banks are experimenting with stablecoin payments.
• Tokyo Kiraboshi Financial Group, Minna no Bank, and The Shikoku Bank will use a system developed by GU Technologies on the Japan Open Chain.
• U.S. regulators and lawmakers have souring sentiment towards crypto while Asia is revising policies to welcome it.
Japanese Banks Experiment with Stablecoin Payments
Three Japanese banks are experimenting with stablecoin payments in order to implement a system that meets legal requirements, according to a Thursday press release. Tokyo Kiraboshi Financial Group, Minna no Bank and The Shikoku Bank will use a system developed by GU Technologies on the Japan Open Chain, which is a public blockchain fully compatible with Ethereum that complies with Japanese law.
U.S vs Asia’s Crypto Regulation
Sentiment toward cryptocurrency may be souring among U.S. regulators and lawmakers but Asia is revising policies to welcome crypto instead. CoinDesk Executive Director of Global Content Emily Parker discussed the difference in approach between the two regions when it comes to crypto regulation- citing FTX and its implosion as well as stablecoin legislations as examples of this difference in approach. Further insights were offered on regulatory frameworks in Singapore, Hong Kong and Japan as well as FTX users in China.
Market Crash & CBDCs
Commissioner Christy Goldsmith Romero of the U.S Commodity Futures Trading Commission (CFTC) has invited people from around the world to explore policy fallout from the 2022 market crash, including advances being made in Central Bank Digital Currencies (CBDCs).
CoinDesk Disclosure Threshold
Reporter Amitoj Singh holds BTC and ETH below CoinDesk’s disclosure threshold of $1,000 for investments related to cryptocurrencies or blockchain technology companies he covers in his reporting for CoinDesk India.
It is evident that although U.S regulations surrounding cryptocurrencies remain uncertain, Asian countries such as Japan are actively exploring ways they can adopt cryptocurrencies into their own financial systems while still meeting legal requirements set by their respective governments