The Japanese Cabinet Office’s
Regulatory Sandbox, which temporarily halts regulations and implements new
technologies and business models in society, has recognized a new crypto asset
payment system development project by Crypto Garage, Inc., it announced on
January 18. Crypto Garage is the third company to be authorized, following
major electronics manufacturer Panasonic Corporation with a project aiming to
realize IoT and an online diagnostics project by MICIN, INC.
Crypto Garage is a joint venture
between Digital Garage, Inc., a major Japanese Internet-related company, and
The Tokyo Tanshi Co., Ltd., a Japanese short-term investment company. The
project will utilize a technology called atomic swap that allows exchanges to
simultaneously deliver crypto assets and pay in legal tender while building a
payment platform that eradicates credit risk.
The payment platform uses a
technology called side chain (a distributed ledger technology in which only
designated participants are permitted to take part and authorization speeds are
fast). By simultaneously exchanging bitcoins and tokens backed by legal tender
it builds a transaction platform that enables immediate bitcoin transactions
between crypto asset exchanges.
The Cabinet Office announced the
project will be limited to the 3-5 companies that have already registered as
crypto asset exchanges, have minimal impact on the market with the imposition
of transaction restrictions, not be carried out for profit and be limited to
one year, having decided that the exchange of cryptocurrencies could not be
regarded as “doing business.”
*This article was written by Fisco
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Published at Fri, 25 Jan 2019 09:04:03 +0000
