China and Japan may disagree on quite a few issues diplomatically. However, Bitcoin is not one of those; it has been reported that Chinese investors are eyeing stakes in Japan's Stablecoin, proving that China is truly ready to support anything connected with Bitcoin.
Despite the US tariffs threatening China's economy, the country has elected to support the Japanese Yen-backed stablecoin. China, through a Hong Kong-based investment bank, has raised enough to support the crypto currency. Ethereum World News has released the value at around $12.75 million.
Granshores Technology Group has a reason behind its support of the Japanese stablecoin. The Hangzhou-supported firm has plans to develop the Bitcoin into an investment fund of sorts, generating investment from the Yen-backed Bitcoin. As they acquired SHIS, another company under Yongjie Yao, they had the brilliant idea of turning to blockchain to generate profits.
Yao, incidentally, is also a partner in Granshores Fund. He is about the idea that traders and exchanges that deal in Bitcoin will be the main market of the stablecoin. Grandshores Blockchain, to support that idea, is looking to deal with a Japanese bank in regards to the stablecoin and how it will generate profits from the investment.
Coin Telegraph notes that it's a risky time to be investing in cryptocurrency right now. China has been restricting the use of Bitcoin, enforcing regulation through forceful operations. To date, most foreign exchange websites have been blocked in China; each activity involving cryptocurrency has been greatly and thoroughly scrutinized, though it's not without reason. Cryptocurrency in itself is tricky business, and China wants safe due process before it invests heavily in Bitcoin.
This will not stop Grandshores, however. While they are still dealing with the Japanese bank, the Yen-backed stablecoin is drawing interest from all parties. By the end of the year or early next year, Grandshores looks at releasing the Bitcoin to the public. Grandshores will then move to other projects like Australian and Hong Kong dollar-backed stablecoins.
In Asia, it makes sense to develop an interest in an Asian-currency backed Bitcoin. USD-backed stablecoins aren't really advisable, although investors have been looking to get their hands on any stablecoin they can. The interest in currency-backed stablecoins are already poised to grow, and crypto trading is expected to boom some more because of the combined interest and growth of cryptocurrency.
