Japan's Largest Bank to Release Their Own CryptoCurrency and Exchange as Early as March 2018.
The biggest bank in Japan is officially on the cryptocurrency tidal wave.
Reports state that Mitsubishi UFJ Financial Group Inc. (MTU) will release its own coin by March 2018.
The MUFG coin is to have parity with the Japanese yen and will be rolled out to employees of the financial services group first. It will enable standard transactions, such as shopping or transfer of money between individuals for example, ie buying dinner or shopping etc, at much lower costs as compared to credit cards.
Users will have to create wallets to use the cryptocurrency, and MUFG will handle processing of the transactions internally. Mitsubishi UFJ Financial conducted tests to roll out the coin in 2016 and worked with cryptocurrency exchange GDAX, run by Coinbase in the 2017 year.
Many banks have been remiss to embrace cryptocurrencies, but have increasingly moved towards developing their own coins or adopting the underlying technology to assist operations.
For example, 6 banks, including MUFG, joined UBS Bank’s Utility Settlement Coin (USC) consortium last year. The coin is at parity and interchangeable with a bundle of currencies and should be released in a limited manner by the end of 2018.
This development by MUFG’s is an expected move of the Japanese government’s push to introduce cryptocurrencies, which were legalized in 2017, into society's mainstream.
Reports last year, stated that Mizuho Financial Group is leading a gathering of banks to develop a cryptocurrency, that seemingly will be called J-coin, in time for the 2020 Tokyo Olympics.
Investors in Japan and exchanges have played a big role in pushing cryptocurrency values to new highs. Japan along with South Korea, has accounted for a majority of the volumes being traded in some of the largest cryptocurrencies, such as ethereum and bitcoin.
The banking industry from the two countries are also working together to test money transfer using blockchain technology from Ripple.
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The biggest bank in Japan is officially on the cryptocurrency tidal wave.
Reports state that Mitsubishi UFJ Financial Group Inc. (MTU) will release its own coin by March 2018.
The MUFG coin is to have parity with the Japanese yen and will be rolled out to employees of the financial services group first. It will enable standard transactions, such as shopping or transfer of money between individuals for example, ie buying dinner or shopping etc, at much lower costs as compared to credit cards.
Users will have to create wallets to use the cryptocurrency, and MUFG will handle processing of the transactions internally. Mitsubishi UFJ Financial conducted tests to roll out the coin in 2016 and worked with cryptocurrency exchange GDAX, run by Coinbase in the 2017 year.
Many banks have been remiss to embrace cryptocurrencies, but have increasingly moved towards developing their own coins or adopting the underlying technology to assist operations.
For example, 6 banks, including MUFG, joined UBS Bank’s Utility Settlement Coin (USC) consortium last year. The coin is at parity and interchangeable with a bundle of currencies and should be released in a limited manner by the end of 2018.
This development by MUFG’s is an expected move of the Japanese government’s push to introduce cryptocurrencies, which were legalized in 2017, into society's mainstream.
Reports last year, stated that Mizuho Financial Group is leading a gathering of banks to develop a cryptocurrency, that seemingly will be called J-coin, in time for the 2020 Tokyo Olympics.
Investors in Japan and exchanges have played a big role in pushing cryptocurrency values to new highs. Japan along with South Korea, has accounted for a majority of the volumes being traded in some of the largest cryptocurrencies, such as ethereum and bitcoin.
The banking industry from the two countries are also working together to test money transfer using blockchain technology from Ripple.
Sources/ Images/Info
Thanks for reading, have a nice day.
If you liked this blog post - please Resteem it and share good content with others!
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EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
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PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
Please note -- I will have limited internet access for awhile -- so PLEASE do not be upset that I cannot reply right away, or to everyone. I am dealing with some changes, and will have limited time online and will be happy if I get a few blog posts up a week.
This has really upset some people but I do not force my opinions on others, or need to communicate every detail of my life or issues, most people do not care anyways. I invested around 10 hours or more a day on Steemit most of my first 13 mths here, I just do not have that time in my life right now, and that includes for replies and voting/curation.
I have done my best, sorry if you do not understand like some are clearly having a problem with. It's a blogging platform, and I will do my best at everything, and to keep blogging.
Carry On.
--
LiteCoin (LTC) - LKdsnvSXk9JW99EiNicFMGKc1FXiBo9tUE
Ethereum (ETH) - 0x3Ad69Ff057C9533ca667B2d7E3E557F5eeFd4477
Ethereum Classic (ETC) - 0x5ab2b08d4ce8d454eb9d1ecc65c6d8b0c5f9784c
EOS (EOS) - 0xD37bEFf5bf07E3aa432de00cE0AaA8df603A4fB0
Bitcoin (BTC) - 18J6RRuzX4V7b2CDbx7tWZYNBLkkGWsvWX
DASH - XgZvsvSZgPkNbmGbRhc3S1Pt2JAc7QHwiS
PIVX - DA3azxQqJiX9t7EviuacpamfNhMi2zGAUh
Stratis (STRAT) - SNsJp6v1jXvKWy4XcXSXfNQ9zhSJJppJgv
ZCash (ZEC) - t1aCPEYELkGaf3GtgGTiCEDo7XfPm4QEwmL
I'm curious as to what type of blockchain Mitsubishi UFJ will be using. If it's a centralized, permissioned ledger, most likely it will fail. The young people don't like banks and governments!
I am more on that side too.
Most of the banks are looking into this.
I do not think it is a true crypto anyways, if it centralized/controlled and on only their blockchain so to speak, rather than decentralized out of their own system.
Another great news for today, after South Korea announcement of legalizing cryptocurrency trading in South Korea as they are collecting taxes on it.
good post men i like his
An useful information @barrydutton.
Great, banks releasing their own crypto... mad
Man this came out of the blue. Had no idea that something like this was in the works by BT-MUFJ. Thanks for the info.
Will appreciate and love to hear about any updates on the matter.
hmmm, I am not sure if I like that a bank will have control over a crypto.
Most of the banks are looking into this.
I do not think it is a true crypto anyways, if it centralized/controlled and on only their blockchain so to speak, rather than decentralized out of their own system.
The hype will be crazy for sure! I don't know if this kind of coins rather destroy the market than to help!In my opinion the decentralized argument is the most important one in the cryptocurrency market.
I agree.
A centralized coin....... is it really a crypto at all I keep saying/asking.
i see. do you mean that we must distinguish between crypto and "centralized coin". I mean its already complicated for some guys to know what crypto really does or means. Nobody will care. :)
Que bueno que los países fuertes den soporte al mercado sin estar encryptados.
I'm shocked more banks have not done this yet. They have been spending and investing rather heavy trying to catch back up on cryptocurrency.
I see this as a potential lending opportunity for the banks. Lend out cryptocurrency and then accept payment in fiat for it.
Like I said in some replies here today, they are all looking into it.
Lightning and other things are working out payment channels and speed and fees, etc.......
-- they will be in it if they can gouge their piece out of it like usual man.
hehe oh you know it... Least we got in a bit before they did. For once I want profit off a banker lol.