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 many reports regarding the financial institution analyzing its own blockchain solutions but based on Reuters, the project is well on its way. MUFG has not said anything, although the bank’s spokesperson told the news outlet that there have been quite a bit floating around the press.
However the firm had this to say in an emailed statement to Reuters:
Regarding the speculation in media reports, these reports aren’t based on any announcement by MUFG, and the details have yet to be decided. But, we could only say that it is true that demonstration experiments are being conducted by MUFG on the’Coin’ within the company.
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.” According to Asahi Shimbun, prices are said 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 voucher code. The paper also has said that users will be able to remit the cryptocurrency with very low feescasino games on mobile betonline.ag bitcoin casino review Alongside this information given by the editorial, MUFG coins may get ATMs enabling purchasing the currency with a smartphone.
Mitsubishi UFJ Financial Group is one of the banks that is a known member of the R3 CEV consortium. The company has also been working with the blockchain-based firm Chain in a partnership shown on the blog of the company. The two businesses 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, stated:
We are happy to be working with Chain to explore the use of next-generation financial infrastructure which we believe could significantly enhance the experience for our clients.
The firm has its own targets set on blockchain and electronic currency solutions. It will be interesting to hear about the project offers other and immutability features associated with most cryptocurrencies. However, the business has no interest in the original 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? Let us know in the comments below.
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