Japan's LDP Proposes Yen Stablecoin and Crypto ETF Framework on June 1

According to Reuters, Japan's ruling Liberal Democratic Party (LDP) submitted a proposal to Finance Minister Satsuki Katayama on June 1 to promote yen-backed stablecoins for cross-border settlements across Asia and establish a legal framework for cryptocurrency ETFs. The LDP's blockchain technology promotion panel urged the government to encourage yen stablecoins to improve payment efficiency and boost the international standing of the Japanese yen. The proposal also calls for crypto ETFs to be positioned as formal investment tools, offering investors an easier way to gain exposure to digital assets. Lawmaker Junichi Kanda, involved in drafting the proposal, stated: "We urged the government to take steps to promote yen stablecoins for settlement in Asia in the future."
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