General trading firm Mitsui & Co. is looking to launch a digital currency linked to gold prices, catering mainly to retail investors.
Source: Nikkei Asia
MITSY is down 1.53%, while Gold is down 0.47%.
Dubbed as ZipangCoin (ZPG), the digital currency allow investors to acquire items from retailers through a smartphone application such as digital payment systems, which have been gaining traction in the country.
The digital currency is linked to gold, seemingly making it the first of its kind in the country. It will be tracking gold acquired by Mitsui from the London Metal Exchange at yen-denominated prices.
The ZPG valuation will be equated to one gram of gold and will be initially sold through Mitsui’s exchange. The currency will later be offered in other exchanges, required to verify the identity of its clients.
ZPG is eyed to be used for payments in the long run, such as for transactions at convenience stores and supermarkets.