Japan is acting to limit the number of issuers of cryptocurrencies like Tether, which are backed by such reserve assets as the dollar or the yen, joining the U.S. in moving toward tougher restrictions on a growing segment of finance, Nikkei has learned.
The Financial Services Agency seeks to propose legislation in 2022 to restrict issuance of stablecoins to banks and wire transfer companies.
A new digital currency backed by bank deposits is on track for launch in Japan as early as 2022, an effort that will involve the nation’s top banks and about 70 other companies and organizations.
This is the point I guess! They want to start controlling the Japaneses market/people with their own completel centralized stablecoin/crypto!
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Because banks have always been so trustworthy in the past
To the average joe, yes banks have been trustworthy because they just swallow all the lies
Honestly, this is the way it should have been from the start.
If you want new people to trust crypto and adopt it then this is how you do it.
I understand your point but sometimes the fees for wire transfers are annoying
So now the Dino’s wants their ‘share’… I won’t be surprised if the EU and USA do the same!
The US gov is already mining Bitcoin:
https://www.investing.com/news/cryptocurrency-news/joe-bidens-government-is-mining-bitcoin-says-white-house-adviser-2700810
So what does this mean for algorithmic stables like UST? Can they be touched if they are not centralized or will they just not be allowed to be listed on exchanges?
Not really clear if they will only impact $USDT or also other stable coin. But i do believe that as soon as they have released their own they will just allow tat one to be on top and control all transactions …
Is this shit gonna work?
How many stablecoins do you need? We have too many already.
Not a huge fan, but i understand.
Here is the news link to the story: https://asia.nikkei.com/Spotlight/Cryptocurrencies/Stablecoins-to-face-new-restrictions-in-Japan
Its going to be nigeria all over again
How they gon enforce it?
Right. They can’t
Tether Pros & Cons – Participate in the r/CC Cointest to potentially win moons. Prize allocations: 1st – 300, 2nd – 150, 3rd – 75.
Sort comments as controversial first by clicking here. Doesn’t work on mobile.
I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.
Because banks have always been so trustworthy in the past
To the average joe, yes banks have been trustworthy because they just swallow all the lies
Honestly, this is the way it should have been from the start.
If you want new people to trust crypto and adopt it then this is how you do it.
I understand your point but sometimes the fees for wire transfers are annoying
So now the Dino’s wants their ‘share’… I won’t be surprised if the EU and USA do the same!
The US gov is already mining Bitcoin:
https://www.investing.com/news/cryptocurrency-news/joe-bidens-government-is-mining-bitcoin-says-white-house-adviser-2700810
So what does this mean for algorithmic stables like UST? Can they be touched if they are not centralized or will they just not be allowed to be listed on exchanges?
Not really clear if they will only impact $USDT or also other stable coin. But i do believe that as soon as they have released their own they will just allow tat one to be on top and control all transactions …
Is this shit gonna work?
How many stablecoins do you need? We have too many already.
Not a huge fan, but i understand.
Here is the news link to the story: https://asia.nikkei.com/Spotlight/Cryptocurrencies/Stablecoins-to-face-new-restrictions-in-Japan
Its going to be nigeria all over again
How they gon enforce it?
Right. They can’t