Mitsubishi Wants Its Own Blockchain Option
According to the Asahi Shimbun newspaper a week, Mitsubishi plans on unveiling the money next year. There have been many reports about the financial institution analyzing its own blockchain solutions but based on Reuters, the project is well on its way. MUFG has not officially stated anything, although the bank’s spokesperson told the news outlet that there have been quite a lot of rumors floating around the press.
However the firm had this to say in an emailed statement to Reuters:
Concerning the speculation in media reports, these reports aren’t based on any statement by MUFG, and the details have not been decided. But, we could say that it is a fact that demonstration experiments are being conducted by MUFG on the’Coin’ inside the company.
Some reports have said that Japanese users will be able to tether their bank account to an app to use and get the”MUFG coin.” Based on Asahi Shimbun, prices are believed to be one MUFG coin to 1 yen and the machine will be similar to the popular Japanese e-commerce money Suica and bitcoin casino us promo code. The newspaper also has said that users will be able to remit the cryptocurrency with very low feesgrand fortune casino bitcoin bitcoin casino codes fre spins Alongside this information provided by the editorial, MUFG coins may get ATMs allowing the purchase of the currency with a smartphone.
Mitsubishi UFJ Financial Group is one of the banks that is a member of the R3 CEV consortium. The business has also been working with the blockchain-based firm Chain in a partnership shown on the company’s blog. The two companies were working on a project that”instantly and safely issue, transfer, sell and redeem Promissory Notes at a natively digital medium.” Satoshi Murabayashi, mitsubishi UFJ Financial Group CIO, stated:
We are happy to be working with Chain to explore the use of next-generation financial infrastructure which we believe could significantly improve the experience for our customers.
The Japanese company has its targets set on electronic and blockchain currency solutions. It’ll be interesting to hear about the project features immutability and other attributes associated with cryptocurrencies. However, the company doesn’t have any interest in the original cryptocurrency Bitcoin, Naoki Taniguchi, a global 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 think about Mitsubishi creating its own cryptocurrency? Tell us in the comments below.
Images via Pixabay, and wiki commons