World’s Fourth Largest Bank MUFG To Launch Own Cryptocurrency In 2018
From Cointelegraph
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.Read more: https://cointelegraph.com/news/worlds-fourth-largest-bank-mufg-to-launch-own-cryptocurrency-in-2018MUFG 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.
This is what true mainstream adoption brings. Mainstream competition. I think this is a good thing and will help legitimize and strengthen non FIAT or bank chains based on the same technology. What I fear is the oncoming onslaught of patent trolling from the Fintech industry against blockchain companies.
Leave your thoughts in the comments below.
Follow @contentjunkie to stay up to date on more great posts like this one.
Crypto currency is taking over, don't you think its time we lunch ours ;)
Great post dude ! Thanks
That's an great news for the Cryptocurrency Market because it will increase the Reputation of Cryptocurrency market more and it can encourage other companies to enter in Cryptocurrencies market and Blockchain Technology. Thanks for sharing this news.
Have a great day and stay blessed.
This announcement by Japan is a welcome development, a further test that blockchain and cryptocurrency have come to stay. Hear this: Based on Blockchain technology, MUFG coin will allow users to conduct instant person-to-person transactions as well as shop with lower fees.'Based on Blockchain technology, MUFG coin will allow users to conduct instant person-to-person transactions as well as shop with lower fees.
Thank you for sharing this information.
Crypto has future. Only the strongest survive.
The banks are starting to realize it’s the only way to survive. Fiat is a has been.
Resteemed!
A good quote says, "all major economic events begin in Japan" if more countries do this, people will lose faith in their country's fiat currency.
Everyone launching their own crypto. I think the market will have healthy competition and 5 years down the line we will see highly successful crypto market.
This post has received gratitude of 3.73 % from @appreciator thanks to: @contentjunkie.
This post has received a 9.75 % upvote from @booster thanks to: @contentjunkie.
Sneaky Ninja Attack! You have been defended with a 10.57% vote... I was summoned by @contentjunkie! I have done their bidding and now I will vanish...Whoosh
Hello sneaky-ninja!
Congratulations! This post has been randomly Resteemed! For a chance to get more of your content resteemed join the Steem Engine Team