Crypto News From Japan: Jan. 6-10 in Review

Published at: Jan. 11, 2020

This week’s news from Japan included declining trading volume, statements from prominent figures on China’s pending digital currency, a Lisk staking announcement and a blockchain-based letter of credit.

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Japanese Prime Minister Aso warns against digital Yuan

Japan’s Deputy Prime Minister and Financial Minister Taro Aso urged people to be wary of the digital yuan, also known as the digital Renminbi RMB, noting the digital currency’s usage in international payments.

He stated the situation as “a huge problem,” according to Reuters reporting.

Future ADB president Asakawa notes a future for digital yuan

Upcoming Asian Development Bank (ADB) president Masatsugu Asakawa also spoke on the digital Renminbi, noting possible global effects.

Asakawa also noted the digital asset might potentially conflict with the dollar, pending worldwide usage.

Crypto faces declining cash and leverage trading volume in November

Crypto trading volume via cash and margin held an upward climbing trend from August until November 2019.

Numbers from November, however, show a decline, according to fresh data from the Japan Virtual Currency Exchange Association (JVCEA) from Nov. 10.

Coincheck enables Lisk staking

Tokyo-based crypto exchange Coincheck announced users will now be able to stake the crypto asset Lisk (LSK), a global first for the asset, noted in the announcement from Coincheck.

Staking functionality will begin at a beta phase, with participants needing at least 10 Lisk on their exchange account to activate staking.

Japan’s largest bank issues blockchain-based letter of credit

Mitsubishi UFJ Bank — Japan’s largest bank — issued a letter of credit on the blockchain, Cointelegraph Japan reported, based on an announcement from the bank.

The banked used a platform designed by KomGo, a company headquartered in Switzerland. KomGo has seen investment from major companies including ING, BNB Paribas and Citigroup.

Mitsubishi UFJ Bank distributed the mentioned blockchain-based letter of credit to its arm in London.

The “Bank of Mitsubishi UFJ will use the komgo system to digitize letters of credit, streamline the identity verification (KYC) process, and encrypt data for trade finance,” Cointelegraph Japan explained.

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