Japanese Banking Giant Reveals Plans for a Digital Currency
Bank of Tokyo-Mitsubishi UFJ (MUFG), the largest bank in Japan, has revealed that it is developing its own digital currency called MUFG coin. MUFG began the trial for its own virtual currency MUFG coin last fall and the smartphone application prototype that goes in tandem with the currency is also nearly done, as reported by the Asahi Shimbun, a national Japanese daily newspaper. The project is the bank’s endeavor to rein in costs and increase savings from lowered financial transactional costs including cheaper international remittance and money transfer. According to the publication, the....
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