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Bank of Tokyo MUFG to develop own digital currency

Tuesday 2 February 2016 00:33 CET | News

Bank of Tokyo-Mitsubishi UFJ (MUFG) has revealed plans to develop its own digital currency dubbed MUFG coin.

The digital currency project seeks to replicate the peer-to-peer (P2P) exchange and mobile wallet functionality inherent in Bitcoin, but without relying on the Bitcoin blockchain’s distributed network of miners.

MUFG began the trial in fall 2015, which is aimed at decreasing the costs of managing financial transactions, particularly in the case of P2P transfer and remittances.

Representatives from MUFG subsidiary BTMU confirmed the trial, though they did not provide additional details when reached.

Mitsubishi UFJ Financial Group had previously been revealed as a member of blockchain technology consortium R3CEV, which has enrolled 42 global banks into its program and is expanding to include non-banks.


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Keywords: Bitcoin, mining, cryptocurrency, digital currency, online payments, online security, online transactions, digital currency
Categories: DeFi & Crypto & Web3
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Countries: World
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DeFi & Crypto & Web3