Banks are getting into crypto – Since the launch of the Bitcoin network in 2009, banks have mostly viewed this innovation with a dim view. However, they now seem to have changed their minds on the matter, at least in part. More and more banking institutions are turning to cryptocurrencies, and in particular stablecoins.
Japanese bank imagines a digital yen
One thing is certain, banks do not see Bitcoin very favorably. Nevertheless, the “blockchain technology” interest them a lot. Thus, many initiatives are evolving around stablecoins backed by fiat currencies.
The latest comes from Japan. Thus, one of the most important banks in the country, belonging to the group Mitsubishi UFJ, plans to launch a yen-backed stablecoin.
According to information reported by the local media, Nikkei, it should be used as part of securities type digital asset settlements.
We also learn that this digital yen should see the light of day during the year 2023. We have no information on the technologies used, or if it will be hosted on a public blockchain.
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Towards the institutionalization of NFTs?
From this news comes another. Indeed, the digital yen developed by Mitsubishi UFJ will also be used on the exchange platform of securities by Sumitomo Mitsui Banking Corporation (SMBC) and SBI Holdings.
This should see the light of day in 2023, and should “use blockchain technology to trade non-traditional securities such as real estate and art”report our colleagues from TheBlock.
Thus, SBI and SMBC, two eminent Japanese institutions are preparing to launch a platform for the sale of digital securities that is very similar to the platforms that we may know in the NFT ecosystem.
Obviously, SBI is not at its first attempt. Indeed, the financial conglomerate launched its coin as well as its cryptocurrency exchange platform VC Trade in 2018.
In November 2020, it even offered a 1% interest rate on BTC deposited by their users.
For its part, the Japanese Central Bank also mentioned the creation of a Central Bank digital currency (MNBC), without giving any further news since.
Faced with the rise of MNBC initiatives, regulators are increasingly cautious with the stablecoin. Thus, many issues are still being raised about stablecoins in the latest report from the World Economic Forum.
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