Japanese lawmakers approve a bill designed to determine the legal status of stablecoins.
The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd.Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday.
According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to redeem them at face value. Only licensed banks, registered money transfer agents, and trust companies will be able to issue them in Japan.
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