Japan’s largest bank MUFG is the world’s first major financial institution to deploy its cryptocurrency. Bank of Tokyo- Mitsubishi UFJ is planning to began its cryptocurrency in the year 2019 for the development of nation. The news was published by the Japenese publication and confirms towards a exhaustive process which involves a total of 100,000 MUFG retial bank customers.
The Cambridge, Massachusetts-based Akamai Technologies have a hope to began a new platform. The press release states as follows:-
The team released the world’s most scable and fastest payment processing platform. It has a capacity to process a million transactions per second and to finalize transactions in less than 2 seconds.
Nobuyuki Hirana’s statement
Nobuyuki Hirana, President of Mitsubishi UFJ Financial Group delivered his speech on the enthusiasm for MUFG’s cryptocurrency. Hirano says it is stable more than bitcoin and bank is trying to overcomes problems such as volatility of virtual currencies and design a useful currency.
The project is slated for a release in its fiscal year of 2019. It is intended to be a evolving as comparable with loT and other new technologies. The account holders have capacity to utilize currency and make payments at the place like restaurants, stores and other related shops. The users can transfer the currency to the accounts to other particpants.
Bestowing to various reports, MUFG Coins have brought users in the existing prepaid electronic money platforms with low commission fees. It raised many payments which include international remittance. The users encourage to exchange MUFG coins with foreign currencies at the airports at a lower commission rates.
The bank is developing a two-way ATM machine which allows users to withdraw MUFG coins into their smartphones or to exchnage the digital currency into yen.
MUFG is a biggest banks of the world that has a turn over of $2.6triln assets. Recently, it announced its plan to develop the cryptocurrency in the year 2015 before publicly confirming the blockchain-powered coin in the 2016.
Japan is rapidly growing its cryptocurrency and it is place for world’s largest Bitcoin Exchange Mt.Gox. It still continues to approach crypto with a proper and legal manner. The reaffirmation of MUFG’s cryptocurrency attempts can make Japan has the biggest cryptocurrency innovators among the world governments.