Mitsubishi Confirms Testing Its Own Cryptocurrency

Mitsubishi Confirms Testing Its Own Cryptocurrency

THELOGICALINDIAN - Back in February the Bank of TokyoMitsubishi UFJ MUFG announceditsown cryptocurrency withsimilar attributes to Bitcoin Now the close has accepted that abstracts are currently demography place

Also read: PwC to Study Blockchain Technology for Wholesale Insurance

Mitsubishi Wants Its Own Blockchain Solution

Mitsubishi_logo_standartAccording to the Asahi Shimbun bi-weekly aftermost week, Mitsubishi affairs on actualization the bill abutting year. There accept been abounding letters about the banking academy testing its own blockchain solutions but according to Reuters, the activity is able-bodied on its way. The bank’s agent told the account aperture that there accept been absolutely a bit of rumors amphibian about the media, but annihilation has been clearly said by MUFG.

However the close had this to say in an emailed account to Reuters:

Some letters accept declared that Japanese users will be able to binding their coffer accounts to an app to use and accept the “MUFG coin.” According to Asahi Shimbun, rates are said to be one MUFG bread to 1 yen and the arrangement will be agnate to the accepted Japanese e-commerce money Suica. The cardboard additionally has declared that users will be able to address the cryptocurrency with actual low fees attached. Alongside this accepted advice provided by the Japanese editorial, MUFG bill may additionally get ATMs enabling the acquirement of the agenda bill with a smartphone.

maxresdefaultMitsubishi UFJ Financial Group is one of the banks that is additionally a accepted affiliate of the R3 CEV consortium. The aggregation has additionally been alive with the blockchain-based close Alternation in a afresh appear affiliation appear on the company’s blog. The two businesses were alive on a activity that “instantly and deeply issue, transfer, advertise and redeem Promissory Notes in a natively agenda medium.” Mitsubishi UFJ Financial Group CIO, Satoshi Murabayashi, stated:  

The Japanese close has its targets set on blockchain and digital bill solutions. It will be absorbing to apprehend about how the activity offers immutability and added attributes associated with best cryptocurrencies. However, the aggregation has no absorption in the aboriginal cryptocurrency Bitcoin, Naoki Taniguchi, a all-around addition able at The Bank of Tokyo-Mitsubishi UFJ Ltd told Reuters aftermost year in San Francisco.

“It’s all about the blockchain,” he said.

What do you anticipate about Mitsubishi creating its own cryptocurrency? Let us apperceive in the comments below.

Images via Pixabay, and wiki commons