JCBA, Japan Cryptoasset Business Association has recently announced that it has created a Stablecoin Subcommittee. The major purpose behind creating this committee is to understand all the risks and benefits which are associated with stablecoins. The first meeting of this committee also tool place which was attended by 69 individuals. These 69 people belonged to the 39 different companies which are already a member of the committee. The first meeting was all about the framework related to the legal classification of the stablecoins. Along with this, the potential risks and benefits of stablecoins was also a part of the discussion.
JCBA believes that stablecoins can be easily used as a mode of digital payment. The reason behind this is their technical background and the stability of its price. The firm has also accepted that fact that stablecoins are not clearly defined in the country. This is because it gets really difficult to handle stablecoins in Japan. These all things seems to be the major reason behind creating this special stablecoins committee by JCBA. There are a lot of enterprises that have become members of this committee including several prominent ones as well like Coincheck, Huobi, bitFlyer, Bitgate and many others.
This Stablecoin Subcommittee by JCBA will be discussing different issues related to the stablecoins from different perspectives. It will also consider clarifications of different legal matters and along with this, it will also talk about different measures related to the user-protection. The Subcommittee has also announced that the major intention of the firm is to work for the development of a business environment. Through this, they are aiming towards wider adoption and greater development of the whole crypto market in Japan.
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