Tuesday, October 19, 2021
HomeCryptocurrency NewsThe largest bank in Japan will create its own cryptocurrency

The largest bank in Japan will create its own cryptocurrency

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Tokyo-Mitsubishi UFJ, which is a subdivision of Mitsubishi UFJ Financial Group, is going to launch a pilot version of MUFG Coin virtual currency.

If in 2019 the bank manages to realize this idea, it will become the first large financial organization in the world that created its own digital currency, CCN reports.

Anyone who wants to participate in a trial version of the bank’s project must apply. Interested persons will need to install the application on a smartphone that makes yen exchange in units of MUFG Coin.

Cryptocurrency can be used to pay for purchases in restaurants and shops. In addition, the virtual currency can be transferred to the accounts of other project participants.

Earlier, the chairman of the board of the bank Nobuyuki Hirano said that the new virtual currency can solve such a problem as the high volatility of conventional cryptocurrency.

Recall, in early May it became known that the Financial Services Agency of Japan (FSA) has developed new regulations for local crypto exchanges.

Now all the sites will have to track customer accounts several times a day for suspicious fluctuations. Moreover, all services are required to manage user assets separately from the funds for exchange transactions. In order to avoid hacker attacks, all cryptocurrencies must be stored only on stand-alone wallets.

Note that the reason for the introduction of such measures has become frequent theft on crypto exchanges, in particular, Coincheck.

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