The Chinese businessman in charge of a $ 1.5 billion blockchain fund will try to create up to three new stable cryptocurrencies (stablecoins) anchored in various legal currencies, reports the South China Morning Post on Tuesday 18 September.
Yao Yongjie, of whom The Grandshores Blockchain Fund has the support of the well-known Chinese Bitcoin investor Li Xiaolai and the local government of the city of Hangzhou, said the first stablecoin project would involve the Japanese yen.
A second company Yao chairs, based in Hong Kong Grandshores Technology, aims to raise HK $ 100 million ($ 12.7 million) in the funding of the cryptocurrency.
"We believe that traders and cryptocurrency exchanges will be potential buyers of these stablecoin," says the Post.
Grandshores Blockchain Fund the partners were also in talks with a "medium-level" Japanese bank on the stablecoin, with Yao silencing on which institution was involved.
Next, Even the Hong Kong dollar and Australian dollar stablecoins could appear from Grandshores.
"We are entering the next phase of blockchain evolution, a phase similar to the time when the computer operating system passed from MS-DOS [disk operating system] to MS -Windows," Yao continued.
The move comes at a time when China's cryptocurrency crackdown has never been stronger, the authorities last month blocked hundreds of foreign websites and reviewed all the activities that promoted industry.
For its fundraising, Grandshores technology will leverage resident investors outside of China using the existing Staterecoin Tether (USDT). The stenecoin of the yen should be published in January 2019.