Crypto Garage tested Stelcoin, tied to Japanese yen

The Tokyo Crypto Garage company received the resolution of the regulator on the tests of the STABKINA, tied to the yen, which it develops together with the startup of Blockstream.

The Digital Garage division reported on the start of the SetTlenet Blockchalter, which allows you to create applications in the Blockstream Liquid network with the possibility of internal assets convert. The project will allow licensed participants during the year to test the platform for the purpose of emissions of Stelcoin and solutions to exchange with other cryptocurrencies.

The initiative of one of the first received access to the program of the adjustable «sandbox» controlled by the government. Crypto Garage argues that the new coin will be tied to JPY and during the tests will be bargained against the Liquid Bitcoin (L-BTC), the Sayschain Tocken Bitcoin, launched by Blockstream in the fall. The direct exchange of assets will be made with atomic swaps, but with limiting transactions.

The SetTlenet platform will also provide authorities access to network monitoring tools, allowing to determine illegal trading operations, including money laundering. The launch occurs during the tightening of crypto industry regulation in Japan, after several large hacks of the stock exchange in 2018.

Earlier we also reported, then the Japanese financial giant Mizuho plans to launch in March