Japanese banking giant Tokyo-Mitsubishi UFJ has confirmed experiments on the rumored “MUFJ Coin”, a digital currency that could presently larn the world’s offset e'er digital currency issued yesteryear a major bank.
A spokesman for Bank of Tokyo-Mitsubishi UFJ has, inwards a disceptation to Reuters, confirmed that the depository fiscal establishment is experimenting on a “coin” issued yesteryear the depository fiscal establishment that is underpinned yesteryear blockchain technology, similar bitcoin. The spokesman was addressing a recent report from prominent Japanese national daily newspaper, The Asahi Shimbun. The publication cited sources who revealed that the depository fiscal establishment volition publicly consequence the digital currency inwards spill 2017.
Without revealing whatever details nor official announcements, the bank’s spokesman did non laissez passer on much away. Still, he stated:
However, nosotros tin exclusively remain that it’s truthful that MUFG is conducting demonstration experiments on the ‘Coin’ inside the society [by] utilizing block chain technology.
MUFG, or Mitsubishi UFJ Financial Group Inc., is the raise society of the bank.
The rumored details of the bank-issued digital currency shows about insight into the fiscal institution’s plans for its ain token currency.
Most notably, the conversion charge per unit of measurement of 1 MUFG money volition hold upward equal to 1 Japanese yen, a mensurate that volition hold upward known for its simplicity when the money goes public. Users volition hold upward able to take away money from their depository fiscal establishment accounts through an app on a smartphone. They money volition in addition to then hold upward converted to the money token.
The depository fiscal establishment knows at that topographic point is contest via existing prepaid electronic money platforms who are already operating inwards the country. It aims to shell them all yesteryear offering significantly lowered committee fees for remittances of whatever kind.
The study from the Shimbun every bit good revealed bitcoin ATMs developed yesteryear the Japanese megabank, primed for launch inwards Spring 2018. Users volition every bit good hold upward able to convert MUFG coins to fiat currency using the ATM, the master study revealed.
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