Reuters reported that the blockchain promotion committee within Japan's ruling Liberal Democratic Party (LDP) submitted a proposal to the government, urging it to encourage the use of yen-based stablecoins and establish a regulatory framework that allows cryptocurrency ETF trading. The committee asserted, "Yen stablecoins can be promoted through the Asian Development Bank (ADB) annual meeting hosted by Japan next May, and related experiments are underway, primarily involving the Financial Services Agency and major banks." The media added, "Despite such proposals, authorities are concerned that stablecoins could disrupt the traditional financial system. Internally, the Bank of Japan has also raised the point that a multifaceted approach to the global monetary system is needed, in addition to stablecoins."
