Japan to revoke ban on stablecoins meanwhile major cryptocurrencies gain in value
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Cryptocurrency prices today: Bitcoin and Ether slightly increase as Dogecoin and Shiba Inu drop .
In cryptocurrencies, the price of Bitcoin increased today, while the most significant and well-known digital token traded practically flat with a positive tilt at $16,871. The market capitalization of all cryptocurrencies worldwide today was $847 billion, nearly unchanged over the previous 24 hours, and thus below the $1 trillion threshold.
The second-largest cryptocurrency, Ether, which is connected to the ethereum blockchain, was unchanged at $1,220. Shiba Inu was trading lower at $0.000008 while Dogecoin was trading over at $0.07.
Ripple (XRP) was up 0.14 percent at $0.3494, with a $348,555,596 24-hour trading volume. Cardano (ADA) was up 0.63 percent to $0.2612 . The 24-hour trading volume for Cardano increased by 54.91% to $140,931,448.
Japan will uplift its ban on foreign stablecoins in 2023: Report
In 2023, Japan will end the prohibition against using foreign stablecoins at home.
The new rule would transform Japan's cryptocurrency exchanges, which currently oversee stablecoin distribution, into distributors.
Transfers of foreign stablecoins are restricted at $7,500 per transaction.
Japan is now more accepting of cryptocurrencies, which has drawn foreign cryptocurrency exchanges to set up shop there.
The current restriction on stablecoins is being considered for change by Japanese regulators. The Financial Services Agency of Japan will end its ban on the domestic usage of international stablecoins in 2023, according to a report from a regional news outlet.
The new "Revised Payment Services Act" contains the amendments, as reported. The proposed measure will bring back foreign stablecoin, but in a new dimension.