The largest bank in Japan develops its own cryptocurrency and a virtual market

By @steemitnoticias January, 2018.

The banking conglomerate Mitsubishi UFJ Financial Group, the largest Japanese and fourth financial group in the world, plans to launch its own cryptocurrency and a house of exchange for this virtual currency this year. The entity has requested authorization from Japan's Financial Services Agency (FSA) with the aim of putting into circulation during the fiscal year that will begin in April a currency that will use a technology similar to bitcoin, explained a spokesman.

The currency, based on the "blockchain" or chain of blocks and called "MUFG Coin", may be used initially to make electronic payments or through mobile, although the entity aims to expand its use later to fields such as insurance and other financial services, according to the same source.

With the aim of making its currency a viable form of payment, the bank wants to keep it at a fixed price equal to the yen, and for that purpose it will put it into circulation in its own virtual exchange house where it will be able to control the fluctuations in its value.

Japan is at the forefront of the world in terms of regulation of bitcoin and other cryptocurrencies, recognizing them since last year as a form of legal payment and establishing requirements for exchange houses established in the Asian country.