Thursday, January 18, 2018

Crypto-Yen? Japan's fourth largest bank to create its own cryptocurrency that will be pegged one to one with the Yen

As Russia, China, and even banks within the United States begin experimenting with the blockchain to facilitate the creation of their own private or sovereign cryptocurrencies, on Jan. 17 a bank in Japan decided it was time that they also got into the act and are planning on creating their own cryptocurrency in the near future.

Mitsubishi UFJ Financial Group (MUFG), which is Japan's fourth largest bank, announced they were starting the process to create their own private cryptocurrency that would be pegged one to one to the Japanese Yen as a way to instill confidence for the customers who will use it.

Japan’s Mitsubishi UFJ Financial Group (MUFG), the fourth largest bank in the world, will launch its own digital currency MUFG coin, local news publication Mainichi.jp reported Sunday, Jan. 14. 
MUFG is the largest financial company in Japan and is set to become the first Japanese bank to issue a virtual currency, Mainichi.jp reports. 
The bank had plans to develop a cryptocurrency as far back as 2016. According to Mainichi.jp, the launch date has now been finalized and is intended to take place in the FY 2018. 
Based on Blockchain technology, MUFG coin will allow users to conduct instant person-to-person transactions as well as shop with lower fees. 
MUFG stated the company will process all the transactions from its cryptocurrency’s network, claiming that such an approach will help improve the stability of the coin.
The bank also plans to peg one MUFG coin to one Japanese yen in order to maintain people’s confidence in the new cryptocurrency. – Coin Telegraph

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