Mitsubishi Wants Its Own Blockchain Solution

According to the Asahi Shimbun paper a week, Mitsubishi plans on unveiling the currency next year. There have been many reports about the financial institution analyzing 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 were quite a bit floating around the press, but MUFG has not officially said anything.

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 statement by MUFG, and the details have not been decided. We can say that it’s true that demonstration experiments are being conducted by MUFG on the’Coin’ within the company.

Some reports have said that Japanese users will have the ability to tether their bank accounts to an app to use and get the”MUFG coin.” Based on Asahi Shimbun, rates are said to be one MUFG coin to 1 yen and the system will be like the popular Japanese e-commerce currency Suica and bitcoin casino us voucher code. The newspaper also has stated that users will have the ability to remit the cryptocurrency with prices attachedfree bitcoin casino no deposit bonus bitcoin casino bonus codes Alongside this general information given by the Japanese editorial, MUFG coins may get ATMs allowing the purchase of the currency .

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

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

The firm has its aims set on blockchain and digital currency solutions. It’ll be interesting to hear about the project features other and immutability attributes 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 is all about the blockchain,” he said.

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

Pictures via Pixabay, and wiki commons

Source: bitcoincasinoreview.info