The company also announced plans to start issuing the stablecoin for the Asian region by the start of the fiscal year 2019.
Japanese behemoth, GMO Internet Inc. announced saying,
It will start full-scale preparations to issue stable coins of virtual currency, with an eye to entering into the ‘settlement’ area of virtual currency business.
The stablecoin aims to penetrate the Asian market through the unified brand, Z.com. Z.com is an exchange by GMO Internet in its plans to enter the cryptocurrency market. GMO founder and president Masatoshi Kumagai told, We have banks and trust licenses in Japan, so we will issue (GJY) in Asia, but we can store assets in Japan as well.”
And tried to reassure users by saying, “If that happens, everyone will not be worried like with Tether; it can be said that GMO has a bank there and keeps fiat there.” GMO added saying, GJY will be…