Mitsubishi Wants Its Own Blockchain Option

According to the Asahi Shimbun newspaper a week, Mitsubishi plans on unveiling the money 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. MUFG has not officially stated anything, although the spokesperson of the bank told the news outlet that there were quite a lot floating around the press.

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

Concerning the speculation in media reports, these reports are not based on any announcement by MUFG, and the details have not been decided. But, we could only say that it’s a fact that demonstration experiments are being conducted by MUFG on the’Coin’ inside the company using a blockchain technology.

Some reports have said that Japanese users will be able to tether their bank accounts to an app to use and receive the »MUFG coin. » According to Asahi Shimbun, rates are believed to be one MUFG coin to 1 yen and the system will be like the popular Japanese e-commerce money Suica and bitcoin casino us promo code. The paper also has said that users will have the ability to remit the cryptocurrency with fees attachedHow does 777Coin bonus Alongside this general information provided by the editorial, MUFG coins may also get ATMs enabling purchasing the electronic currency with a smartphone.

Mitsubishi UFJ Financial Group is one of the banks that is a member of the R3 CEV consortium. The company has also been working with the firm Chain in a newly announced partnership revealed on the company’s blog. Both businesses were working on a project that »instantly and securely issue, transfer, sell and redeem Promissory Notes in a natively digital medium. » Mitsubishi UFJ Financial Group CIO, Satoshi Murabayashi, said:  

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

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

« It’s 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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