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....
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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....
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 virtual currency will help facilitate....
After many years of digital currency development, Japan’s largest bank, MUFG, has officially introduced its own stablecoin project. Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group, is working hard to take the lead in stablecoin development, launching a proprietary stablecoin project.On Wednesday, MUFG introduced its stablecoin platform called “Progmat Coin,” a blockchain-based system for issuing and managing stablecoins pegged on a 1:1 ratio to the Japanese yen.The platform aims to enable a “universal digital asset payment method,” providing cross-chain....
Technology giant IBM has signed a contract with the Bank of Tokyo-Mitsubishi, Japan’s largest bank, to develop and implement a blockchain based on smart contracts among business entities. The Hyperledger Project, an open-source blockchain platform led by the Linux Foundation will see its deployment in a new partnership between IBM and the Bank of Tokyo-Mitsubishi UFJ (BMTU). The two companies will build on a prototype that sees smart contracts on a blockchain used in multi-party business transactions to improve accountability and efficiency of service level agreements. An initial pilot....
According to a recent report by CoinPost, MUTB, a subsidiary of Mitsubishi UFJ Financial Group, one of Japan’s largest financial institutions, in partnership with Binance Japan and Progmat, has announced the start of joint consideration for the development of a new stablecoin. Leveraging the Progmat Coin platform, compliant with Japanese regulations, the collaborative effort aims […]