The largest Japanese corporation Mitsui & Co has announced the release of its own digital currency ZipangCoin (ZPG), linked to the value of gold on the London Metal Exchange.
According to Mitsui & Co, ZipangCoin will be offered to retail investors through a variety of cryptocurrency exchanges. But initially, the new cryptocurrency will be available for purchase by investors on the site of Mitsui’s own exchange.
The value of one ZPG token will be equal to one gram of gold and guaranteed by the Sumitomo Mitsui bank. ZPG will be the first cryptocurrency in Japan to be pegged to precious metals. According to the corporation’s management, this will make the digital currency less volatile compared to most tokens.
The oldest Japanese trading house received ZPG issuance approval from the Central Government Financial Services Agency (FSA), registered the token with the local Kanto Financial Bureau, and entered into a cryptocurrency exchange agreement with Seven Bank.
To use ZPG to pay for goods and services in retail stores, users will need to install a wallet application on their mobile devices.
In 2021, the largest Thai retail company, Central Retail Corp, issued a C-Coin corporate token. In January 2022, the tribal nation of Australian Aborigines Idinji announced the launch of its own digital currency called MUI.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
