Japan’s Largest Bank is Building Its Own Digital Coin

Japan’s Largest Bank is Building Its Own Digital Coin

Japan’s largest bank – Bank of Tokyo-Mitsubishi UFJ (MUFJ) – has announced that it is working to create its own virtual currency similar to Bitcoin in an effort to reduce expenses and establish a robust backend accounting and settlement system. According to unnamed bank officials, the virtual currency will be called “MUFG coin” after the Mitsubishi UFJ Financial Group, Asahi reports. The bank has been working on the coin since last fall and is finalizing its smartphone pilot app, which is almost ready for a public release. The Tokyo-based bank is studying to see whether MUFG coin will cut....


Related News

Japan’s Largest Q&A Platform OKWave Adds Bitcoin Services

OkWave, Japan’s largest question and answer platform, boasting over 40 million users, announced its addition of Bitcoin services. The site now offers bitcoin wallet integration, and a tipping system to help the community with an improved feedback incentive. OkWave’s offices are located in Shibuya, Tokyo and run by CEO Kanemoto Kaneto, who said that his company was proud to utilize Bitcoin, giving its customer base new opportunities. Kaneto told press in 2013: The OkWave platform was established in 1999,and resembles online Q&A publications Zapchain and Quora. However, this particular....

Japan’s Biggest Bank Confirms Digital Currency Tests

Japanese banking giant Tokyo-Mitsubishi UFJ has confirmed experiments on the rumored “MUFJ Coin”, a digital currency that could soon become the world’s first ever digital currency issued by a major bank. A spokesman for Bank of Tokyo-Mitsubishi UFJ has, in a statement to Reuters, confirmed that the bank is experimenting on a “coin” issued by the bank that is underpinned by blockchain technology, like bitcoin. The spokesman was addressing a recent report from prominent Japanese national daily newspaper, The Asahi Shimbun. The publication cited sources who....

Report: Japan’s Largest Bank to Launch Digital Currency in 2017

According to a report, the Bank of Tokyo-Mitsubishi UFJ Ltd., Japan’s largest bank will soon become the world’s first global bank to issue its own digital currency. A new bank-issued virtual currency may be in the offing next year. Dubbed “MUFG coin”, short for the Mitsubishi UFJ Financial Group — the parent company of the Bank of Tokyo-Mitsubishi – the bank, will issue the virtual currency in the autumn of 2017, according to a report on The Asahi Shimbun, a prominent national newspaper in Japan. The publication cites sources who reveal that the....

Amidst Spike in Bitcoin Price, Japan’s Largest Bank Tests Blockchain-Based Coin

The largest bank in Japan, Bank of Tokyo-Mitsubishi UFJ, or MUFG, has confirmed it is testing its digital currency using the Blockchain technology. This fact gives credence to the evolutionary potential of fully integrating cryptocurrencies into the existing banking system. "Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided," the bank's spokesman said in an emailed statement to Reuters. "However we can only say that it's true that MUFG is conducting demonstration experiments on the 'Coin'....

Japan’s Biggest Bank Invests in Bitcoin Exchange Coinbase

Bitcoin exchange and platform Coinbase has announced new investment and partnership with the Bank of Tokyo-Mitsubishi UFJ (BMTU), Japan’s biggest bank. The endeavor will see Coinbase look toward expansion efforts in Japan and Asia. Bitcoin exchange and services platform Coinbase will raise $10.5 million from Japanese investors today with the aim to launch services in Japan. Currently, Coinbase only has an Asian presence in Singapore. Investors include the Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi UFJ (BMTU) Japan’s largest lender and bank,....