Mitsubishi Wants Its Own Blockchain Solution
According to the Asahi Shimbun newspaper last week, Mitsubishi plans on unveiling the money 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 of rumors floating around the media.
However the company 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. But, we can say that it is true that demonstration experiments are being conducted by MUFG on the’Coin’ within the company utilizing a blockchain technology.
Some reports have stated that Japanese users will be able to tether their bank account to a program 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 paper has said that users will have the ability to remit the cryptocurrency with fees777coin casino review Alongside this general information given by the Japanese editorial, MUFG coins may also get ATMs enabling the electronic currency’s purchase .
Mitsubishi UFJ Financial Group is one of the banks that is a known member of the R3 CEV consortium. The business has been working with the blockchain-based firm Chain in a recently announced partnership shown on the blog of the company. Both companies were working on a project that”immediately and securely issue, transfer, sell and redeem Promissory Notes at a natively digital medium.” Satoshi Murabayashi, mitsubishi UFJ Financial Group CIO, said:
We are happy to be working with Chain to explore the application of next-generation financial infrastructure which we believe could significantly enhance the experience for our customers.
The firm has its aims set on electronic and blockchain currency solutions. It will be interesting to hear about other and immutability attributes associated with cryptocurrencies are offered by the project. However, the business has no interest in the first cryptocurrency Bitcoin, Naoki Taniguchi, a global 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 creating its own cryptocurrency? Let us know in the comments below.
Images via Pixabay, and wiki commons
Source: bitcoincasinoreview.net
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