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70 Japanese companies form consortium to launch yen-based digital currency

With the goal of launching a new yen-based digital currency in 2022, around 70 Japanese companies have joined together to form a consortium. The association, which brings together some of the country’s biggest financial institutions, is sending a strong signal that the private sector may also have started to adopt blockchain-based payment systems.

70 Japanese companies will launch DCPJY

DeCurret’s crypto exchange CEO Kazuhiro Tokia may have issued a statement saying the new digital currency called ‘DCPJY’ will be backed by bank deposits and will be based on a common platform to facilitate transactions, large funds transfers and business-to-business deals .

DeCurret leads the consortium, which includes banks such as Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group. Other companies participating in the consortium are Kansai Electric Power Co Inc., Japan Post Bank Co Ltd., East Japan Railway Co and Nippon Telegraph and Telephone Corp.

Meanwhile, Mizuho, ​​​​Mitsubishi, Sumitomo and Japan Post Bank are 4 of Japan’s 5 largest financial institutions in terms of total deposits.

According to Reuters, the 70 Japanese companies have held regular meetings since 2020 to deliberate on ways to create a new settlement platform for digital payments.

BOJ CBDC always punctual

However, in all of this, the Bank of Japan’s BOJ is still very focused on developing a digital currency for the central bank (CBDC). As previously reported by Coingape, the CBDC pilots are expected to be completed in March 2022. The BOJ aims to provide seamless payment channels between electronic payment services and the so-called digital yuan. But while the BOJ is at the forefront of this public sector effort, the ultimate plan is to get the private sector to accept a CBDC.

Also according to DeCurret advisor, Toshihide Endo, the infrastructure being built by the consortium of 70 Japanese companies is in line with the BOJ’s CBDC model.

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Central Bank of Peru to develop digital currency

The Central Reserve Bank of Peru, the Peruvian central bank, plans to develop a central bank digital currency (CBDC) like other economies in the world. The announcement was made by its chairman, Julio Velarde, who said the currency would be used primarily for payments. However, Velarde also acknowledged that now is not the best time to present the coin due to the current uncertainty in the markets.

Peru to board the CBDC Bandwagon train

Julio Velarde, president of the Central Bank of Peru, announced that the institution is already working on the creation of a digital currency for the national central bank (CBDC). The announcement was made last week at the 59th Virtual Annual Executive Summit. He said that the creation of such a currency is a necessity in a future based on digital technology. Velarde pointed out:

We worked on a digital currency. We are in many projects with various central banks: with India, Singapore, Hong Kong and with many central banks, thinking of a digital currency that will prevail in the future.

While this digital currency is still in its early stages of development, according to Velarde, this puts it in the same class as others that are being developed by economies of similar size. However, Mexico and Brazil are generally distinguished by the advances of the CBDC in the field.

Targeted payment

Peru’s cryptocurrency project appears to be focused on helping the payments industry, which Velarde says will be radically different over an eight-year period. With this work, the country seeks to continue to advance in the field as do other economies. However, Velarde acknowledged that Peru still lacks the necessary resources to carry out this project now, or to face the risk that carrying out such a project implies for the Peruvian economy. The president of the central bank said it was not the right time to pursue this goal.

The announcement surprised many economic players in the country, as Peru is not known to be a particularly pro-cryptocurrency country. The country is still in the early stages of adopting crypto as there is no legal framework to support cryptocurrency (or CBDC) activity in its economy.

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Coinbase Launches Five Ethereum-Based Altcoins In Cryptocurrency Trading Ecosystem

Coinbase, the US-based digital asset exchange, is expanding support for five Ethereum-based altcoins in its trading ecosystem.

In a new blog post, Coinbase announces that Alchemix (ALCX), the government token of the lending platform backed by Alchemix Finance, can now be purchased on Coinbase.com and the exchange’s mobile apps.

The ALCX is trading at $ 441.61 at the time of writing, down 3.18% for the day.

ENS is a government token for the Ethereum name service, which allows people to create non-fungible tokens (NFTs) that can be linked to Ethereum addresses and web domains.

ENS is currently trading at $ 48.82. That’s down 8.71% for the day and more than 50% from the all-time high of $ 88.64 which reached last week after appearing on Binance.

Additionally, Coinbase is expanding support for GALA, the native token of Gala Games, the player-controlled blockchain gaming platform. Altcoin rose more than 100%, from a low of $ 0.089 on November 15 to its current price of $ 0.20.

GYEN is an Ethereum-powered stablecoin indexed to the Japanese Yen. Although GYEN is expected to remain pegged to the Japanese Yen, it managed to climb 470% to $ 0.05 after being listed on Coinbase.

Finally, the native POWR token from point-to-point energy trading company Power Ledger is now available on all Coinbase trading platforms. At the time of this writing, altcoin was down 2.07% to $ 0.70.

Coinbase Pro listed all tokens except GYEN with stablecoin mStable USD (MUSD) earlier this week.

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Hong Kong company to offer insurance for Asian cryptocurrency holdings

Insurance and risk management for digital assets will boost investor confidence, OneDegree said.

A large Asian insurance company dabbled in Bitcoin (BTC), with the aim of providing a model for other companies in the sector.

Multi-line insurer OneDegree announced Thursday that it is partnering with the Hong Kong Bitcoin Exchange (HKbitEX) to secure the latter’s escrow platform ON1ON. OneDegree claims to be the leading Asia-based insurance provider for digital assets, having secured $ 100 million in digital assets under the custody of HKbitEX.

According to OneDegree, the demand for insurance for digital assets is growing and insurance and risk management for digital assets will increase investor confidence and help the market grow.

Third-party insurance covers physical damage to wallets caused by natural events, cybersecurity risks such as external hackers or malware attacks, and intentional or fraudulent acts on the part of employees.

After the announcement, HKbitEX co-founder Ken Lo said that he wanted additional institutional investment in cryptocurrencies. He continued:

“With more than 1,800 licensed asset managers, Hong Kong has more than $ 3 trillion in assets under management. We want to help asset managers enter this market in a way that allows them to meet their fiduciary obligations to their end investors. "

The company said it is creating more technology solutions to help crypto market participants avoid risk. In addition to its in-house Cymetrics cybersecurity platform, the tools will help clients assess and manage their cyber risks, according to the company.

As reported, the Hong Kong Securities and Futures Commission is currently reviewing the rules governing virtual currency transactions, including whether individuals can invest in crypto-related exchange-traded funds.

Hong Kong is one of the largest and most important financial centers in the world. This has had a significant impact on cryptocurrency innovation. For example, the city-state has spawned some of the best-known and most successful crypto businesses to date, including the cryptocurrency derivatives exchange FTX and the digital asset platform Crypto.com.

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The great owner of the American store Kroger accepts Bitcoin Cash

The hard fork cryptocurrency of Bitcoin will be accepted in more than 2,000 supermarkets in the United States.

The North American supermarket chain Kroger accepts payments in cryptocurrencies before the Christmas season.

According to an official announcement on November 5, the main retailer will accept Bitcoin Cash (BCH) in all its stores: Baker’s, City Market, Dillons, Fred Meyer, QFC and others, as well as for online purchases.

Rodney McMullen, CEO of Kroger, said the initiative was driven by increased demand for electronic payments:

“During the pandemic, cashless payments increased and we see cryptocurrency as a natural progression from the tendency to deal less with physical money. "

In 2018, Kroger severed relationships with major payment processor Visa, citing high fees at the point of sale. The retailer finally restored the relationship in 2019, after Kroger negotiated new terms.

Kroger had been involved in the crypto space before; In 2020, the company began offering Bitcoin (BTC) rewards in its store through the crypto-based rewards platform Lolli.

According to the announcement, Kroger “will exchange the cryptocurrency for stablecoins near the point of reception, but does not rule out the possibility of keeping a percentage of it on its balance sheet.”

Bitcoin Cash is a cryptocurrency-based proof-of-work consensus engine that was created through a hard fork of the Bitcoin blockchain. It was originally designed to solve many of Bitcoin’s long-standing problems, including the speed of transactions. The rigid fork was a controversial move, with many asserting that the BCH was more subject to centralization among miners, thanks to its larger block sizes.

Crypto has gradually made its way into the vertical market in a number of ways. In 2019, Safeway, another major US supermarket chain, started offering Bitcoin rewards through Lolli, like Kroger.

Earlier this summer, ATM crypto company Coin Cloud announced that it was preparing to install machines in 29 H-E-B supermarkets in Houston, Texas.

The underlying cryptocurrency blockchain technology is also expected to play a major role in food purchases. A 2019 study by research firm Gartner predicted that 20% of the world’s 10 largest grocery stores will use blockchain by 2025.