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Bank of Tokyo-Mitsubishi to Examine Its Own Virtual Currency

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Bank of Tokyo-Mitsubishi to Examine Its Own Virtual Currency

Bank of Tokyo-Mitsubishi UFJ  is conducting experiments on a digital currency employing the technology behind the digital currency bitcoin.  The statement came following a report from the Asahi Shimbun newspaper that the bank will soon apply a crypto currency that will be accessible next year.  Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG (Mitsubishi UFJ Financial Group Inc,), and the details have not been decided, the bank’s spokesman said in an emailed statement to Reuters.  Nevertheless we can only say that it’s true that MUFG is conducting demonstration experiments on the virtual currency within the company utilizing a block chain technology.

The report originally published in Japanese also users will be able to withdraw money from their bank accounts into an app on their smartphones.  The MUFG coin system will work much like prepaid electronic money, such as Suica, already widely used in Japan, the newspaper reported. However, users will be able to remit MUFG coins to others through the internet at a small commission.The bank is also establishing automatic teller machines to allow clients to withdraw MUFG coins onto their phones. The ATM is expected to be rolled out by spring 2018, and will also enable users to change MUFG coins into cash.

Over the past year numerous Wall Street companies, led by Goldman Sachs, have declared their commitment to pursuing blockchain as a potential revolutionary technology for tracking and to expanse financial business.

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