Japan’s Largest Bank To Launch Cryptocurrency Exchange, Token

Jan 18, 2018 at 14:00

Mitsubishi UFJ Financial Group (MUFG) is planning to open a new exchange to trade its own digital currency, MUFG coin, within the year, according to a report of Japan’s Mainichi Shimbun.

This is the first time for a Japanese bank to issue a crypto-token as well as to launch an exchange.

By using “block chain” technology, the Japanese bank will allow MUFG coins to be used for payment for remittances, shopping at partner stores through mobile phone applications, the report said.

MUFG is looking to set the price at 1 MUFG coin to 1 yen to get users use the new crypto coins with confidence.

THe Bank of Tokyo-Mitsubishi UFJ is currently preparing for the issuance, such as organizing contests to compete ideas for business using MUFG coins in March.

The Japanese bank has submitted its policy with the Financial Services Agency, as it had initially drawn up plans to issue crypto tokens by launching a virtual currency exchange way back in 2006.

With the expansion of the Fintech industry globally, Japan is working on legislations to support new services, like that of MUFG.