The Parliament Of Japan Adopted A Bill On Stablecoins

The parliament of Japan adopted a bill that recognized stablecoins as digital money.

According to Bloomberg, the bill says that stablecoins should be tied to yen or another legal payment tool, as well as guarantee the owners the right to redeem them at nominal value.

This means that only banks have licenses, money transfers and trust companies that have licenses and trust companies can act.

The law will enter into force in the summer of 2023.

Earlier, the lower house of the Japanese parliament approved the amendments to the legislation, thanks to which local cryptocurrency companies should close access to persons under sanctions due to Russia’s invasion of Ukraine.

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