Mitsubishi Wants Its Own Blockchain Solution

According to the Asahi Shimbun paper last week, Mitsubishi plans on unveiling the currency next year. There have been a number of reports about the financial institution testing its own blockchain solutions but according to Reuters, the project is well on its way. The bank’s spokesperson told the news outlet that there have been quite a lot floating around the media, but MUFG has not officially stated anything.

However the company had this to say in an emailed statement to Reuters:

Regarding the speculation in media reports, these reports are not based on any statement by MUFG, and the details have yet to be decided. We can say that it is true that MUFG is conducting demonstration experiments on the’Coin’ inside the company utilizing a blockchain technology.

Some reports have said that Japanese users will be able to tether their bank accounts to a program to use and get the »MUFG coin. » According to Asahi Shimbun, prices are said to be one MUFG coin to 1 yen and the system will be similar to the popular Japanese e-commerce money Suica and bitcoin casino us voucher code. The newspaper also has stated that users will have the ability to remit the cryptocurrency with very low pricesbitcoin casino instant deposit bitcoin wallet ignition casino Alongside this general information given by the editorial, MUFG coins may also get ATMs enabling the purchase of the currency that is electronic with a smartphone.

Mitsubishi UFJ Financial Group is one of the banks that is also a member of the R3 CEV consortium. The company has been working with the firm Chain in a partnership shown on the blog of the company. The two companies were working on a project that »immediately and securely issue, transfer, sell and redeem Promissory Notes in a natively digital medium. » Satoshi Murabayashi, mitsubishi UFJ Financial Group CIO, stated:  

We are happy to be working with Chain to explore the use of next-generation financial infrastructure that we believe could significantly improve the experience for our customers.

The Japanese firm has its own aims set on digital and blockchain currency solutions. It will be interesting to hear about how the project offers other and immutability attributes associated with most cryptocurrencies. However, the company doesn’t have any interest in the first cryptocurrency Bitcoin, Naoki Taniguchi, a global innovation expert at The Bank of Tokyo-Mitsubishi UFJ Ltd told Reuters last year in San Francisco.

« It is all about the blockchain, » he said.

What do you consider Mitsubishi producing its own cryptocurrency? Let us know in the comments below.

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