Skip to main content

Japan’s Largest Bank to Launch Cryptocurrency Exchange

MUFG Exchange and Pegged Coin

Japan's Largest Bank to Launch Cryptocurrency ExchangeMitsubishi UFJ Financial Group, Inc. (NYSE:MTU), the fourth largest bank in the world, plans to launch its own cryptocurrency exchange this financial year. According to reports from the country, MUFG has already notified the Financial Services Agency (JFSA) on the decision to launch an exchange.
The bank is known to be working on issuing its own cryptocurrency. The plan as it seems now is that by controlling the exchange where people can trade this MUFG Coin, the bank could suppress drastic fluctuations in its price so it can be used for shopping, settlements and remittances stably. The idea is that the new cryptocurrency will be kept pegged at around JP¥1, but not fixed in advanced so as to bypass regulations regarding issuing and transmitting such private money in Japan.
Needles to say, while MUFG only envisions its coin used to make stable transactions in Japan, once the cryptocurrency will be out in the wild global traders can use it for other uses as well. One interesting application is for it to be used in trading pairs on non-fiat exchanges instead of USTD, backed by the largest bank in Japan instead of Tether.

Bitcoin Segregated Accounts

Japan's Largest Bank MUFG to Launch Cryptocurrency ExchangeThe bank is reportedly working on another service for Japanese cryptocurrency traders, MUFJ Trust – will keep client holdings in accounts which can link to exchanges but without sending the money to their control. Similar to how segregated accounts are used to protect forex traders, this can safeguard client funds at the bank in case the trading company is hacked or goes bankrupt. The service will also monitor accounts for suspicious activity and uncommon transactions, which could get flagged for inspection instead of being processed.
The service, which will be available just for bitcoin at first, is expected to launch in April 2018 or as soon as the JFSA recognizes bitcoin as an asset that can be placed in a trust. This will be the first ever trust arrangement for cryptocurrencies, according to its application for patent protection. Enjoying the protection of MUFJ Trust’s would cost a fee, but “customers will feel peace of mind knowing that a trust bank is managing their assets,” said CEO Noriyuki Hirosue of Tokyo-based exchange Bitbank.

Comments

Popular posts from this blog

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED   17 COMMENTS    23472 VIEWS Bermuda Triangle Mystery Solved? Scientists believe they’ve solved the mystery of the Bermuda Triangle ― and it’s not UFOs or sea monsters. It’s another kind of monster: monster waves. The Bermuda Triangle, also known as the Devil’s Triangle, is a region in the North Atlantic that is generally bounded by Miami, Bermuda and Puerto Rico. Over time, a number of aircraft and ships are said to have disappeared there under mysterious circumstances. According to “The Bermuda Triangle Enigma” on Britain’s Channel 5, scientists now believe conditions in that area were just right for massive rogue waves. “There are storms to the south and north, which come together,” said University of Southampton oceanographer Simon Boxall, per the Sun. “And if there are additional ones from Florida, it can be a potentially deadly formation of rogue waves.” Boxall said these rogue waves could reach 100 fee...

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...

Ezeugo For Idemili North Constituency in Anambra State House of Assembly 2019.

As a youth leader, I Ezeugo will support law that will better the Rights of women, young people (youth) and the destitute (poor). In our society, we have three numerical majorities, these three majorities include the youth, women and the poor  none of these classes are satisfied with their participation in the country economy, politics  or administration. The poor, women and youth still lack the kind of support by legislative bodies that would allow them to represent their voices and demands within the context of the of the law. Effective representation will pay a positive role in changing their living conditions and make their voices heard. For this reason Ugochukwu Ezeude - Ezeugo programs tackles various aspects and will also help fight against poverty. Together we can make it happen and better. I stand with Ezeugo for better tomorrow. I stand for the truth.