Mitsubishi Wants Its Own Blockchain Solution

According to the Asahi Shimbun paper last week, Mitsubishi plans on unveiling the currency next year. There have been a number of reports about the financial institution testing its own blockchain solutions but based on Reuters, the project is well on its way. MUFG has not stated anything, although the bank’s spokesperson told the news outlet that there have been quite a bit 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 aren’t based on any announcement by MUFG, and the details have not been decided. We can say that it is true that MUFG is currently running demonstration experiments on the’Coin’ inside the company.

Some reports have stated that Japanese users will have the ability to tether their bank account to a program to use and receive the”MUFG coin.” According to Asahi Shimbun, prices 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 voucher code. The newspaper also has stated that users will be able to remit the cryptocurrency with very low feesbitstarz app Alongside this general information given by the Japanese editorial, MUFG coins may get ATMs enabling the purchase of the money that is electronic with a smartphone.

Mitsubishi UFJ Financial Group is one of the banks that is also a member of the R3 CEV consortium. The business has also been working with the blockchain-based company Chain in a newly announced partnership revealed on the company’s blog. The two companies were working on a project that”immediately and safely issue, transfer, sell and redeem Promissory Notes at a natively digital medium.” Mitsubishi UFJ Financial Group CIO, Satoshi Murabayashi, said:  

We’re happy to be working with Chain to explore the application of next-generation financial infrastructure which we believe could significantly improve the experience for our clients.

The Japanese firm has its aims set on electronic and blockchain currency solutions. It will be interesting to hear about how the project offers immutability and other attributes associated with cryptocurrencies. However, the business 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 creating its own cryptocurrency? Tell us in the comments below.

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Source: bitcoincasinoreview.net