Friday, 19 April 2024
Japan’s largest bank to launch cryptocurrency exchange
Mitsubishi UFJ Financial Group, plans to launch its own cryptocurrency exchange this financial year. According to reports from the country, MUFG has already notified the Financial Services Agency (JFSA) on the decision to launch an exchange.
The bank is known to be working on issuing its own cryptocurrency. The plan as it seems now is that by controlling the exchange where people can trade this MUFG Coin, the bank could suppress drastic fluctuations in its price so it can be used for shopping, settlements and remittances stably. The idea is that the new cryptocurrency will be kept pegged at around JP¥1, but not fixed in advanced so as to bypass regulations regarding issuing and transmitting such private money in Japan.
Needles to say, while MUFG only envisions its coin used to make stable transactions in Japan, once the cryptocurrency will be out in the wild global traders can use it for other uses as well. One interesting application is for it to be used in trading pairs on non-fiat exchanges instead of USTD, backed by the largest bank in Japan instead of Tether.
Re-disseminated by The Asian Banker from Bitcoin.com
