The Japanese financial group Mitsubishi UFJ Financial Group (MUFG) is launching a programme to open new markets and release its own virtual currency MUFG coin.
Controlling exchange, MUFG plans to keep the price fluctuations of the cryptocurrency MUFG Coin, so that it can be stably used for calculations. With centralized allocation, MUFG coin will be directly monitored by the Bank. Additionally, the Bank will be able to control the coin value, which will be about 1 yen. Users will be able to use the coins using smartphones to pay for goods and services.
The company MUFG intends to increase the use of its currency among suppliers and sellers in Japan through the payment platform, which is scheduled to launch later this year.
In General, this step shows that cryptocurrencies and the blockchain technology is little by little starting to be used by traditional financial institutions who seek to take advantage of the low operating costs offered by cryptocurrency.
Legal barriers and financial regulation
MUFG has notified the financial services Agency of Japan plans to issue its own crypto currency and open the exchange. Preparation of issue of the coin will engage the Bank of Tokyo-Mitsubishi. In March of this year it is planned to hold a competition of business ideas in the use of new cryptocurrencies.
Recall that to open a cryptocurrency exchange in Japan must register with the financial services Agency, and here there are some problems. As the Finance industry continues to evolve, in response to the offer of new services such as MUFG in the country can create new laws.
The reaction of the community
As for the community, users actively share their opinions about the upcoming launch on Twitter. In particular, they were quick to point out that MUFG coin is not OMG (OmiseGo), and that the price of the coin will be about 1 yen.
Tokyo-based Mitsubishi UFJ Financial Group is the largest financial group in Japan, the second largest Bank holding company in the world, and owns assets in a total amount of 1.8 trillion dollars.