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Leading Japanese Bank Building New Digital Currency

Leading Japanese Bank Building New Digital Currency

Leading Japanese Bank Building New Digital Currency

​​​Given the roaring success of Bitcoin as a globally traded digital currency, and the rampant cash printing and debt being created in most major economies, it is only a matter of time before digital currency becomes the way of doing business. Nations like the Ukraine and Senegal are creating national digital currencies, and now banks are getting in on the digital currency age. Japan’s largest lender, Mitsubishi UFJ Financial Group Inc., is preparing their own proprietary digital currency, according to sources.

MUFG will first issue “MUFG coins” to employees of its group companies for domestic remittances, eventually extending the service to attract younger tech-savvy customers, the sources said Tuesday. They will also provide a money transfer service at lower fees, becoming the first major Japanese banking group to launch such a business.

These coins will enable users to easily split drinking bills using their smartphones and quickly transfer money at lower rates. Users of the virtual currency will be able to open bank accounts called “wallets” on their smartphones. MUFG and other Japanese banks are trying to catch up with European and U.S. rivals in harnessing “fintech,” the combination of financial services and information technology.

MUFG’s banking unit, Bank of Tokyo-Mitsubishi UFJ, formed a tie-up last year with Coinbase, the world’s largest bitcoin exchange operator, while Mizuho Financial Group Inc. has started a virtual currency service on a trial basis. Last May, the government revised a law to regulate bitcoin and other virtual currencies to prevent their use in crimes such as terrorism and money laundering.

Virtual currencies are defined as having asset values that can be used for settlement. The law requires exchanges that handle virtual currencies to register with financial authorities. MUFG is planning to start converting the money at a rate of one MUFG coin to ¥1.

Mitsubishi UFJ Financial Group Inc. says they will issue their virtual currency by March 2018 and they may also develop an ATM to enable customers to withdraw MUFG coins with regular currencies.

Author : Evander Smart

Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

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