Mitsubishi To Open Cryptocurrency Exchange

The bank plans to open this exchange in 2018 and will be the first Japanese bank to make such a move.

Mitsubishi UFJ Financial Group wants to launch its own crypto-currency along with a cryptocurrency exchange local press. The token will be called the “MUFG Coin”.

According to Japanese law transfers of 1 million yen (approx. $9,000 USD) or more cannot be conducted without using a bank and if a virtual coin is pinned to the yen the same rules apply.

If the coin is issued as digital currency a greater amount can be freely transferred on the blockchain however the price will no longer be stable, because it is not pinned to the yen.

The bank aims to stabilize the MUFG Coin at a value of 1 coin to 1 yen – but not fix the value.

By doing this, the blockchain can then be used to transfer payments.

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