Yesterday the
Japan Times reported that Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), will circulate its digital currency by the end of this calendar year. The blockchain-based currency “MUFG Coin” has been in the works for several years.
MUFG hopes that other enterprises will use their coin as their own currency, branded with the respective enterprise’s name. In the crypto world, they refer to these as colored coins. This way, the use of different coins on the same system would be interoperable, connecting customer bases.
The connection of economic zones such as transport and education through a single infrastructure distinguishes Mistubishi’s coin from the crowd. The firm predicts that digital wallets will eventually replace physical ones, where all a user’s payment methods are stored on one device.
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