Japanese trading house Mitsui & Co. plans to launch a cryptocurrency linked to gold prices as early as this month, Nikkei AsiaThe token, dubbed ZipangCoin , will be sold to retail investors and will be linked to the price of gold in yen, procured by Mitsui from the London Metal Exchange, according to the report. The price of one ZPG will equal the value of one gram of gold and will be guaranteed by Sumitomo Mitsui Banking Corporation, Nikkei wrote.
ZPG will initially be sold through Mitsui's own exchange. The exchange, which has been set up along with Seven Bank and others, is registered with the Kanto Local Finance Bureau and is licensed by Japan's Financial Services Agency , Nikkei Asia reported. Kanto is the region encompassing the Greater Tokyo Area.
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