According to the last week comment by JPMorgan’s Jamie Dimon, Mitsubishi UFJ Financial Group (MUFG). The chief executive of Japanese financial giant is seeking to differentiate a blockchain project. Therefore, it is involved with bitcoin.
In an interview with CNBC, Nobuyuki Hirano CEO of MUFG, responded to question about JPMorgan’s remarks, that made a news after he branded bitcoin “a fraud” and “it won’t end well”. Particularly, Hirano stressed saying that, “there are different types of digital currencies”, includes one that forms part of a blockchain-based settlement system that MUFG and other financial institutions are developing.
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He mentioned, “In short the digital currency probably Jamie blames as fraud is public digital currency”.
“…it’s a kind of interbank money or securities settlement clearing method. So, it has nothing to do with bitcoin or other type or that there’s that currencies which does not have any controlling arm, which has a huge volatility every day and which is not really with the money laundering and other problems”.
CEO of MUFG concludes that, by applying blockchain to the payments and settlement process. Therefore, the bank’s intention “to make every operation more efficient”.
Meanwhile, institution has been working on digital currencies along with MUFG coin. It is to replicate the aspects of other digital currencies but without bitcoin’s energy-intensive mining process.