Mitsui & Co. To Issue Crypto Linked To Gold Prices | CryptoGazette
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Japanese trading house Mitsui & Co. is planning to issue a digital currency that’s called ZipangCoin (ZPG) as early as this month, according to Nikkei.
The currency will be linked to gold prices and sold to retail investors via crypto exchanges.
The same online publication ZPG will allow people to get items at affiliated retailers via a smartphone app like other digital payment systems – these are becoming increasingly popular in the country.
This seems to be Japan’s first crypto that is pegged to gold.
The value of the new crypto will be less volatile
The online publication mentioned above notes that unlike Bitcoin and other cryptos that are not backed by tangible assets, the value of the new crypto will be less volatile.
Mitsui has set up a crypto exchange with Seven Bank and others, and has registered it with the Kanto Local Finance Bureau, with permission granted by the central government’s Financial Services Agency (FSA).
Check out what official notes are revealing:
“ZPG will be linked to gold procured at yen-denominated prices by Mitsui from the London Metal Exchange. The value of one ZPG will be equal to one gram of gold and guaranteed by Sumitomo Mitsui Banking.”
Check out all the available details that are revealed in the aforementioned publication.
Bitcoin to see a reversal
The crypto market in general is struggling to recover following recent corrections. At the moment of writing this article, BTC is trading in the green and the king coin is priced at $37,990.
The other day, we were revealing that Benjamin Cowen recently said that steep corrections like the one Bitcoin has experienced since reaching an all-time high above $69,000 last November can’t be expected to flip overnight.
Also, it’s been revealed that an important crypto trader is unveiling a scenario where Bitcoin (BTC) regains its bullish momentum and skyrockets over 80% this year.
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