Stablecoin is highly compatible with DAOs as a secure currency.
It will have a significant impact on dApps, which are completed on Web 3.0.
Amendments to the law will increase operators' activity.
What are your thoughts on how stablecoin will be utilised in Japan in the future, following the implementation of the amended Funds Settlement Act? In addition, what impact do you think will be seen in Japan in the future?
Mine Aramu: Stablecoin has not been legally defined until now. The tendency in Japan is often not to use them because they are dangerous until they are legally defined. Therefore, although there has been demand for stablecoins, there has been no movement to actively utilise them.
However, with the passage of this bill in June last year and its implementation in June this year, we now have a clear idea of what can be done in this way, and businesses are finally in a situation where they can start to move forward.
Until now, the only way to move money by first linking it to smart contracts was with crypto assets for which crypto asset exchanges had obtained permission from the FSA. However, conventional crypto assets are currently very difficult to use in terms of money transfers because of the risk involved in simply holding them, as large price fluctuations can occur.
Stablecoin, on the other hand, is very attractive because there is no risk of such price fluctuations. It is particularly attractive in areas where you want to move money by completing smart contracts.
We believe that dApps, which are completed on Web 3.0, will have a significant impact. For example, the demand for stablecoins will increase in the creation of Web 3.0-complete applications, such as games and the sharing economy.
