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

Published on by Cointele | Published on

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.

Japanese Prime Minister Aso warns against digital YuanJapan'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 yuanUpcoming Asian Development Bank 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 NovemberCrypto trading volume via cash and margin held an upward climbing trend from August until November 2019.Numbers from November show a decline, according to fresh data from the Japan Virtual Currency Exchange Association from Nov. 10.Coincheck enables Lisk stakingTokyo-based crypto exchange Coincheck announced users will now be able to stake the crypto asset Lisk, 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 creditMitsubishi UFJ Bank - Japan's largest bank - issued a letter of credit on the blockchain, Cointelegraph Japan reported, based on an announcement from the bank.

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