LOS ANGELES, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Gojoy.com, the “open source” marketplace empowering vendors and shoppers to transact freely, today announces the discontinuation and removal of its Joy dollar (“JUSD”) effective immediately.

On November 22, the Shanghai Head Office of the People’s Bank of China (PBOC) issued a notice regarding cryptocurrency oversight. Seven regulators including the PBOC are continuing to monitor crypto business activity to ensure no unauthorized illegal financing, token sales, issuance of securities, illegal fundraising, financial fraud, pyramid schemes or other illegal crimes that disrupt the economic-financial order occur.

In order to comply with the latest Chinese government cryptocurrency regulation, Gojoy will make the following adjustments to its Joy coin (“JOY”) and JUSD as follows:

  1. Effective immediately, JUSD can no longer be treated as a stable coin. JUSD is no longer accepted as cash to buy any products on Gojoy. All JUSDs in Gojoy wallets will be automatically converted to JOY on December 15, 2019, on a 1:1 conversion rate where 1 JUSD converts to 1 JOY. All JUSDs recovered will be destroyed.

  2. JOY no longer behaves as a dividend coin. JOY’s sole use is to serve as payment of the transaction fee (“Gas”) for vendors and resellers around the world when cashing in their revenue.

  3. JOY can only be obtained by shopping on Gojoy’s marketplace. However, JOY is traded on various exchanges including CBX and HFSX, and on Huobi and Binance in the near future.

“JOY has evolved to serve both shoppers and vendors in our ecosystem. We continue to work directly with the Gojoy community to ensure a smooth transition to this new regulatory environment,” said Steven Lin, CEO of Gojoy. “We believe blockchain will enable all businesses in China to optimize their offerings for every customer, every time.”

Gojoy will continue to provide updates accordingly.

To download Gojoy, please visit WeChat or the mobile browser to begin shopping and/or selling.

About Gojoy:
Gojoy is the only “open source” marketplace where every vendor and shopper transact freely without any intervention from middlemen or the platform operator. Using blockchain technology, Gojoy created the Joy coin, a digital asset that powers every transaction between shoppers and vendors on the marketplace. JOY can be traded on the HFSX exchange.

Launched in January 2019, Gojoy continues to grow its transaction volume month over month with over $8 million distributed to its shopper community since inception. For more information visit: https://gojoy.com.

Media Contact:
Evan Sneider
Red Rooster PR