LCNEM: An issuer of the NEM mosaics which are pegged with legal currencies


#1

Hello everyone.
My name is Yu Kimura.
I’m a university student in Japan.
My twitter: @ltd_exp_kyu

A few days ago, I had delusions that if there are NEM mosaics which are pegged with legal currencies, like tether in NEM, how useful NEM is.

To suppress my intention, I searched projects like to my delusions.
As a result, I found a few projects which have a purpose of issuing pegged NEM mosaics.
However, I feel that these projects can’t wipe out Counterparty risks!
Why I feel so?
The answer is this:
Issuing pegged mosaics can’t make many profits as long as the issuer keep capital for pegging with safe. However, They are developing an exclusive wallet although NEM official wallet exists, and they did ICO.
To return profits to token owners, and to develop and sustain the exclusive wallet, they have to make much money with their tasks.
The only way to make many profits with tasks of issuing pegged NEM mosaic is to take some risks. For example, investing money which they must keep with safe for the purpose of pegging.
Otherwise, to run away with capitals got from ICO…?
Anyway, because of these reasons, I feel there are Counterparty risks in these projects.

After I noticed this fact, I decided to found a none-counterparty-risk foundation who is an issuer of pegged NEM mosaics.

Then, I recruited members in Twitter. As a result, three people excluding me came.

We are starting activities to found LCNEM foundation.
This is our website. It is in production now.
LCNEM
We published a whitepaper, which explain our ideas with easy Economics theory.
But now there is a Japanese whitepaper only. We are translating to english now. Just a moment.

Sometime soon, we want to propose “NEM community fund proposal” to get working capital, and want to contribute to NEM.

Purposes of posting this topic is to let many people to know this project, and to recruit some collaborators. I’m waiting for you in my twitter.

Thank you for your reading :slight_smile:


#2

Hi Yu Kimura,

i like your project idea. But you please do the legality/compliance background research first.
IMHO there are constraints regarding holding other peoples’ money and making it accessible to them via decentralized Blockchain tokens. You (the new foundation) would de-facto become a bank, wouldn’t it? Accepting depositors’ funds.
I am afraid things may not be that easy, especially once you want to offer service to the general public and accept their (fiat government) money in exchange against tokens.

In case you get this sorted out, I would be one the supporters of this project :wink:

Regards,
Rene, LuxTag.io


#3

Dear Rene
Thank you for your replying!

Yeah, I agree with you! :smile:
We think we will found LCNEM at Singapore, so we are researching Singapore law, for example, SFA.
In Japanese law, an industry like us is regarded as a issuer of prepaid means of payments.
We may not be regarded as a bank.
The focus is whether Singapore law has rules of issuer of prepaid means of payments.

Dear everyone, if you know Singapore law well, please cooperate with us! :wink:

Thanks
Yu Kimura


#4

Our project is in progress.
We established the company in Japan.
LCNEM

In April, we issue LCNEM mosaics(e.g. lc:jpy,lc:usd) in Japan as prepaid payment means.
Prepaid payment means have a lot of legal regulations, so in May or June, we will establish a child company in Singapore, and issue as cryptocurrencies.

This project is the only project done without ICO and specialize in issuing pegged tokens.
We hope we support every currencies in the world.


#5

seemingly our two projects can cooperate and synergy, we are thinking the same for our mosaic to have pegging value.


#6

It would be more helpful to understand easy your project if you can site several use cases. Anyway, is your whitepaper been translated now to English?


#7

We decided to explain our project without whitepaper because we explained easy contents with too difficult sentence in the whitepaper and we were tired to answer to questions which the answer is in the paper…


#8

We started LCNEM mosaics exchange service.
LCNEM exchange

JPY, USD, EUR, GBP, HKD, AUD, CHF, ZAR are available now.


#9

It was done so far.
I am looking at tor.

Thanks.


#10

We are denying access from Japan to follow Japanese law.
Our services can’t be access from Japan ISP, this is part of our IP criteria compliance with Japan law.

Thank you for cooperation.

And mischeif was made lol

We will expand supported currencies gradually.
And Road Map to be posted soon!

Thanks.


#11

Then you should put terms in some other language there and not in Japanese only! :wink:


#12

Thanks!
I got it.:slight_smile:


#13

There are many excellent young people like him in Japan. I am proud of being the same Japanese. I will support Mr.Yu.


#14

I think this is wonderful idea.
This will be the first step that can exchange value steadily in the digital.
Everyone sticks to real-time exchange, but the important thing is the existence of people who will surely exchange. Then, service providers who exchange more conveniently will benefit from participation. What you need is how you feel the merit of participating.


#15

Your terms says you have a XEM and JPY collateral, but you are listing other fiat currencies too. How can you cope with a big change in JPY/USD exchange ratio?

How many JPY you have in your collateral and what’s the ratio collateral / value of assets ?


#16

We will add USD to the portfolio after collateral assets increase.
Now, make the portfolio with XEM and JPY is sufficient.

We save 1 collateral for 1 issuing.


#17

Roadmap has been made!

In Japan, we have no power against the law. Please warm up this project from outside of Japan!


#18

Definitely an interesting idea and I know there are cafes within Australia where I purchase my coffee with crypto. I know that some of those coffees have now ended up varying in price a lot as of recently so it would be great to have NEM mosaics pegged with AUD.

My question is regarding legality in Japan you have mentioned it will be difficult, have you explored the legality of other regions you wish to enter also?


#19

Thanks!
We didn’t research regulation of other regions firmly.
But we research the regulation of Singapore little.
The answer is, “no problem”.
Because we only do on-chain process. We don’t accept deposit of legal currencies so we are not bank-imitation.

Why we can’t sell in Japan is, due to only regulation of cryptocurrency exchange.
So if your country has a regulation of cryptocurrency exchange, we don’t reccommenced to use our services.

But we can say that there is no problem in regulations exclude about cryptocurrency exchange.


#20

That’s interesting, well if it is possible then I’m all for the idea. Stabilising NEM in a volatile market would be terrific for the community.

Keep up the good work