Japanese Company GMO to run In-game Bitcoin Rewards

Japanese internet services giant GMO Internet Inc. reveiled its plans to launch a bitcoin-based application for in-game rewards in August of 2018
01 June 2018   2069

Named CryptoChips, this new application will provide a way of rewarding players who achieve a certain advance or milestone, will start with bitcoin support for now. As reported, the product will be piloted in the GMO-developed game Whimsical War.

The company in its press release in both English and Japanese had this to add:

CryptoChips can be mounted on the game application and allows players to receive cryptocurrency as remuneration within the game – like a ‘secret pocket money’ – depending on the players’ rankings or when players have achieved missions or acquired items.
GMO Internet Group
Company, Japan

This step is the latest measure into the cryptocurrency sphere for GMO, that already launches its own crypto exchange, mining operation and even pays a portion of staff wages in Bitcoin.

Earlier this year, in March, the GMO firm’s exchange promised to develop and refine  data safety after regulators found its security lacking. That fact was confirmed during cross-industry inspections that were held on the heels of January’s $530 million hack of fellow Japanese crypto exchange Coincheck.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   158

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.