Local media report that Mitsubishi UFJ Financial Group is planning to launch its own cryptocurrency exchange and a virtual coin backed by country`s national money.
The plan is that MUFG Coin will be kept pegged at 1 japanese yen. The bank representatives believe that this solution will help avoid drastic fluctuations in prices so it will be comfortable for the clients to use the coin for purchasing goods and making payments. Mitsubishi UFJ Financial Group has already submitted a necessary application to japanese Financial Services Agency (FSA). The bank plans to launch its cryptocurrency exchange this financial year.
It is also reported that the bank works on the creation of its own service for digital currency traders called MUFG Trust, that will allow users to trade digital currencies without exchanges having any control over their funds or access to them. It should secure the funds of clients in case the platform is hacked or go bankrupt. This service will also track and determine suspicious activities on accounts.
At first MUFG Trust will be available only for bitcoin. The bank is going to launch the service in spring, 2018 or as soon as FSA recognizes bitcoin as an asset that can be managed by trusts.