Interesting news coming from Japan, Mitsubishi UFJ Financial Group or MUFG is gearing up to launch its first cryptocurrency. The Japanese bank and financial services company is currently the world’s fourth largest bank according to their total assets.
As the Bitcoin trend continues, and the market is going green again, the company has decided to become the first bank from Japan to release its first digital currency. Japan is one of the Bitcoin supporters, which has recognised the virtual coin as a legitimate currency without doubting its lack of centralization or governments.
This initiative came as a result of the recent activity regarding cryptocurrency with more companies adopting a virtual coin every day. Not only that the company will be launching its own cryptocoin called MUFG coin, but it will also launch its own exchange platform.
The aim of the MUFG coin is to reach as many traders and investors throughout Japan, but of course it is not limited to that. We consider this project very convenient, because even though it is centralized like a bank, it will get a lot of people into cryptocurrency. Some speculators might think that it is a bit problematic for a bank to initiate a virtual coin.
In addition to this, the bank seeks for stability in the MUFG coin, unlike the other coins in the market. We don’t know yet if this will be possible, but they also stated that the bank will be in 100% control of the price. Sounds a bit like Ethereum, right?
The opinions about this future virtual coin are split in two ‘camps’ on social media: the supporters and the opposition. Reddit is full of comments questioning the value of the MUFG coin or that it would fail very soon, but on the other side, there are people having faith in the company.