'The fate of the stablecoin holder after this, but for the Japanese.'
Crypto investors such as the Terrausd Scenario (USTC) can breathe a sigh of relief when Japan has approved the legal bill that will protect the stablecoin.
It is understood that Japan became the world's first economic country to introduce the Stablecoin Legal Framework and was approved on June 3.
Comment on the Japanese Financial Services Agency that the bill will take effect in a year and will introduce the rules of the publication in the next few months.
According to the bill, stablecoin related to the yen or through other legal tenders will be guaranteed the right to its holder to redeem at the face value.
In simple terms of stablecoin issued by licensed banks, registered money transfer agents and trust companies only protected by this bill.
Any stablecoin supported by existing assets from overseas manufacturers such as Tether (USDT) or its algorithm is excluded.
Likes to keep in mind that cryptocurrencies in Japan do not list stablecoin.
In a separate news, Mitsubishi UFJ Trust and Banking Corp plans to produce his own stablecoin supported by Yen, Progmat Coin, as soon as the bill was created.
Generally, the recent incidents of UstC have shocked all that all of the world governments began to plan a framework to protect stablecoin that is said to be safe assets.
It also indirectly triggered a decline in crypto currencies as investors began selling their assets across trading charts.
