Japanese bank plans to launch its own cryptocurrency: MUFG Coin

Japan's Mitsubishi UFJ Financial Group (MUFG) plans to open its own cryptocurrency exchange this year, alongside launching its own cryptocurrency

Reports citing local media in Japan are saying that MUFG plans to launch its own cryptocurrency, and that token will be called MUFC Coin - and they plan to do so in 2018.

If true, MUFG would be the first Japanese bank to launch its own cryptocurrency and exchange to trade it on.

And in order to "suppress" volatile swings on the exchange, they plan to peg the token to the Japanese yen. In turn, the same rules as current Japanese law - which says that transfers of ¥1,000,000 and above cannot be done without using a bank - will apply as well.

It also mentions that MUFG aims to keep the price of one MUFG Coin at a value of one token to approximately one Japanese yen - but not fix the price. In doing so, that opens up the use of the blockchain to be used to transfer payments.

The report also mentions that MUFG has already informed Japan's financial watchdogs on its plans - which includes organising contests on business ideas for MUFG Coin in March this year. Hmm, I wonder if the winner gets a cut of the ICO.

So, while South Korea and China look towards outright banning cryptocurrency exchanges. In Japan, we're even seeing banks launch their own cryptocurrency. Looks like Mrs. Watanabe will have something new to play around with when the time comes - not like that they aren't already invested in cryptocurrencies in the first place.

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