Japanese Banking to Protect Bitcoin Investors

Japan -based online sharing platform Nikkei Asian Review writes that Mitsubishi UFJ Trust and Banking in Japan is preparing to launch a service that will enable crypto money holders to protect their money in the event of a stock market crash or hacking attack.

The banking sector will keep the compatible records of customers who prefer this scheme in the crypto money market. In the event of the collapse of the stock market or the attack, Mitsubishi UFC will return the losses suffered by its customers to the customers according to the records they hold.

According to Nikkei, the service will primarily go through Bitcoin trade and the service is likely to start in April next year. Customers who prefer to have their funds protected by Mitsubishi UFJ will have to pay a certain transaction fee to benefit from this service.

But Tokyo-based Citibank Bitbank CEO Noriyuki Hirosue thinks it will not be too much trouble paying the extra fees for customers who prefer to trust traditional financial institutions:

"Customers will be at peace when they know that their assets are managed by a trust bank."

In 2014, the Japanese-based crypto money market, which closed after a total of 850,000 Bitcoins stolen from hackers, Gox also takes care of the security of the stock exchanges, especially those in Japan who use crypto money investors.

Apart from investors in Japan, the Japanese government in general is known for its support and investment in the cryptographic sector and its regulations. According to Nikkei, Japan's Financial Services Authority plans to identify crypto notes as assets that can be added to the trust fund by April 2018.