Mitsubishi Wants Its Own Blockchain Solution
According to the Asahi Shimbun newspaper 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 based on Reuters, the project is well on its way. MUFG has not stated anything, although the spokesperson of the bank told the news outlet that there were quite a bit floating around the media.
However the firm had this to say in an emailed statement to Reuters:
Regarding the speculation in media reports, these reports are not based on any announcement by MUFG, and the details have yet to be decided. We can only say that it’s a fact that demonstration experiments are being conducted by MUFG on the’Coin’ inside the company.
Some reports have stated that Japanese users will have the ability to tether their bank accounts to an app to use and receive 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 currency Suica and bitcoin casino us voucher code. The newspaper also has stated that users will have the ability to remit the cryptocurrency with feesplanet 7 casino haveing trouble depositing with bitcoin bitcoin casino usa no minimum deposit Alongside this information given by the editorial, MUFG coins may get ATMs enabling purchasing the electronic money 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 company Chain in a partnership shown on the company’s blog. Both businesses were working on a project that”instantly and safely issue, transfer, sell and redeem Promissory Notes in a natively digital medium.” Mitsubishi UFJ Financial Group CIO, Satoshi Murabayashi, stated:
We are pleased to be working with Chain to explore the use of next-generation financial infrastructure which we believe could significantly improve the experience for our clients.
The Japanese company has its own aims set on blockchain and digital currency solutions. It’ll be interesting to hear about how other and immutability features associated with most cryptocurrencies are offered by the project. 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 think about Mitsubishi producing its own cryptocurrency? Let us know in the comments below.
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