In Brief:
- Japanese trading house Mitsui & Co. is planning to issue a cryptocurrency linked to gold prices.
- The currency titled Zipangcoin(ZPG) reportedly will be issued early this month.
- Mitsui intends to accept ZPG for payments where users can utilize a wallet app in order to make purchases.
Japanese trading house Mitsui & Co. is planning to issue a cryptocurrency titled ‘Zipangcoin’ linked to gold prices.
According to a Nikkie Asia report, ZipangCoin (ZPG) is set to be launched this month and will be sold to retail investors via crypto exchanges.
ZipangCoin’s value is set to be equivalent to the value of one gram of gold and Sumitomo Mitsui Banking will back the value’s consistency.
ZPG will be pegged to gold acquired by Mitsui from the London Metal Exchange at yen-denominated prices. One ZPG will be valued equivalent to one gram of gold and guaranteed by Sumitomo Mitsui Banking.
What appears to be Japan’s first crypto linked to gold prices will reportedly be sold first through Mitsui’s exchange before being made available on other exchanges that require users to verify their identity.
The new gold-based digital currency is aimed at enabling new options to mitigate financial risk and hedge against inflation. Mitsui intends to accept ZPG for payments where users can download a wallet app to their smartphones in order to make purchases at stores.
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