As an analyst with over two decades of experience in the financial industry, I find myself increasingly intrigued by Japan’s proactive approach towards crypto and blockchain technology. Brad Garlinghouse’s recent meeting with Taira Masaaki, a member of the Japanese House of Representatives, underscores this commitment to innovation.
Ripple’s chief executive officer Brad Garlinghouse has taken to his X account to share his impressions of meeting a high-ranking Japanese official this week, as they talked about the adoption of crypto and blockchain technology in Japan.
Ripple boss: Japan committed to advancing crypto tech
This past week, Brad Garlinghouse traveled to Japan, where he attended the XRP Community Day event. There, he had an encounter with Taira Masaaki, a representative in Japan’s legislative body, who holds responsibilities for several committees focusing on Web3 and Artificial Intelligence advancements.
In a tweet following the meeting, Garlinghouse expressed his thoughts, stating that the Japanese leaders show a strong dedication towards the advancement of cryptocurrency and blockchain technology. He highlighted that in Japan, these technologies are being adopted through transparent regulations and favorable policies which safeguard consumers while fostering innovation.
Delighted to connect with Representative TairamaSaakii in Tokyo this week! It’s encouraging to know that the Japanese government is dedicated to fostering cryptocurrency and blockchain technology, by establishing transparent guidelines and progressive policies that prioritize consumer protection and technological advancement.
— Brad Garlinghouse (@bgarlinghouse) September 6, 2024
This statement could be seen as criticizing the United States, due to its lack of defined rules in the cryptocurrency industry, and the ongoing legal disputes between the SEC (Securities and Exchange Commission) and Ripple, as well as lawsuits filed by the SEC against various other crypto platforms regarding cryptocurrencies being classified as “unregistered securities.”
Regarding Taira Masaaki, following their meeting with Garlinghouse, he shared on Twitter that they discussed strategies to leverage blockchain technology in order to fully realize Japan’s potential.
Japanese largest banks pilot stablecoin platform
According to well-known Chinese crypto blogger and reporter Colin Wu’s latest update, it appears that major Japanese financial institutions are persistently working towards integrating cryptocurrency into their operations. In his recent tweet, he disclosed a strategy by the top three banks to establish a stablecoin platform aimed at facilitating swift international transactions for local businesses.
Those banks are Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank.
According to Wu, this project will be named Project Pax and it will be managed by key players within the blockchain industry such as Progmat, Datachain, and TOKI. He also mentioned that numerous banks across different regions are anticipated to participate in Project Pax.
At present, the total value of the stablecoin market stands at an astounding $160 billion. It’s not just these Japanese titans who are attempting to break into this specific market sector; Ripple has also initiated the launch of its dollar-backed stablecoin, RLUSD. This new coin will operate on both the XRP Ledger and the Ethereum blockchain.
Read More
- SOL PREDICTION. SOL cryptocurrency
- ENA PREDICTION. ENA cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- USD ZAR PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- USD VES PREDICTION
- EUR CLP PREDICTION
- USD COP PREDICTION
2024-09-06 16:34