One of the largest Japanese banks, Mitsubishi UFJ Financial Group Inc, after months of speculation regarding the release date, announced plans to launch their own cryptocurrencies, reports the Japan Times.
According to the article, Bank President Mike kanetsugu the announced plans of financial institutions for the introduction of its digital currency Coin until the end of the year. According to reports, the Bank expects that retail stores will take the Coin to accelerate its adoption and “connect the economic part,” said Kanetsugu in an interview. He added that the Coin will provide a deeper understanding of such things as customer base.
MUFG is trying to solve cash-flow problems
MUFG, which currently is the fifth largest Bank in the world, said it intends to use the digital asset to solving many of the operational problems at the Bank. CCN reports that the costs associated with the acquisition, storage and transportation of physical money becomes increasingly large, in connection with the problems of cash in the economy of Japan.
In February, Many media outlets reported that JPMorgan also launched its own cryptocurrency, called the JPM Coin, with the aim of conducting daily payments amounting to over $6 trillion. However, unlike JPM Coin, cryptocurrency from MUFG will serve to change the way clients interact with money.
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Tags: Mitsubishi UFJ Financial