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Cryptocurrencies

Mitsui & Co. to issue cryptocurrency linked to gold prices

Backed by tangible asset makes ZipangCoin less volatile than major cryptos

Zipang's value will be linked with the same amount of gold procured by Mitsui from the London Metal Exchange. (Source photo by Reuters)

TOKYO -- Japanese trading house Mitsui & Co. plans to issue a digital currency called ZipangCoin (ZPG) as early as this month, Nikkei has learned. The currency will be linked to gold prices and sold to retail investors through cryptocurrency exchanges.

ZPG will allow people to purchase items at affiliated retailers via a smartphone app like other digital payment systems, which are becoming increasingly popular in the country.

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