Mitsubishi UFJ: the Japanese financial giant prepares its crypto and trading platform

While some banks around the world are showing fangs to bitcoin and the like, the Japanese giant Mitsubishi UFJ on the contrary "embraces" the crypto universe in its own way.

Japan's financial leader tackles cryptocurrency
In Japan, cryptocurrencies are more and more appreciated, even adored, like this local pop group that sings in honor of digital currencies. As for the big companies in the country, they are also gradually beginning to adopt this revolutionary technology, and this is precisely the case of Mitsubishi UFJ Financial Group, the largest financial group in Japan, which plans to create its own cryptocurrency.

According to information from Japan, the world's fourth largest bank has reportedly already informed the Financial Services Agency (JFSA) about their crypto project. In addition to its digital currency, the Japanese company also plans to launch an exchange in his name, in order to control exchanges made around crypto MUFG.

Why a MUFG currency and an exchange?
The Chiyoda (Tokyo) -based bank will launch its trading platform in order to manage the price fluctuations of its cryptocurrency, thus enabling purchases and settlements in stable conditions. In other words, Mitsubishi UFJ seeks to maintain the value of its crypto around JP ¥ 1, but this will not be fixed in advance because of regulations in Japan on private funds.

Anyway, the possibilities of use of the cryptocurrency will be varied in the image of the Tether which, tokenizes the dollar. For example, it could serve as crypto-JP ¥ for Japanese exchanges. A difference remains in comparison with the Tether since the bank will guarantee losses due to errors, even the theft of digital currencies (which are currently raging).

However, what can hinder the launch of the MUFG exchange crypto resides in the registration requirement with the JFSA. Indeed, the more the Fintech industry continues to grow, the more the legislative measures are multiplying, especially in Japan. Hence the possible difficulty in setting up the exchange platform.

The reactions of the twittosphere
This news has been heavily commented on social networks. For example, a user named Joseph Young tweeted:

"Japan's largest bank, MUFG, is planning to launch a #cryptocurrency exchange. Even the largest bank in the country can no longer ignore the exponential demand for bitcoin and the cryptocurrency market. "

But as always, some skeptics have not hesitated to address critics to the future cryptocurrency, as btc883n who tweets:

"It's not related to $ OMG. We Japanese do not take it seriously. I think MUFG Coin will fail. Nobody will use it. "