Not likewise in South Korea or China, cryptocurrency trading is a bandwagon in Japan. Recently the country’s major bank Mitsubishi UFJ Financial Group Inc announced its scheme to establish a new crypto exchange for bitcoin and altcoins fans.
Considerable Plans: Exchange To Support Own Digital Coin
This year Japan’s leading bank MUFG is going to open its own cyber money exchange. The bank has already informed the country’s Financial Services body about this plan. However, it is not a sign of MUFG stepping into the market of virtual currencies. Before, it started to work on the emission of its own digital coin.
Media outlets emphasized that the bank wants to establish the exchange for particular purposes. For example, it could support its brand MUFG currency, as people will trade it on the platform. Therefore, it will be easier to protect the coin from price swings, and people will use it for arrangements, purchasing goods from stores and steady transactions.
The fourth major bank in Japan also schemes to keep the cyber coin tied to about JP¥1. However, it won’t be fastened in advanced. Hence, it will allow the company to evade restrictions emitting and transferring this kind of proprietary money in the state.
Another appealing bank’s idea is to use the crypto-coin in trading pairs on non-public currency exchanges instead of USTD, supported by the major bank in Japan instead of Tether.
Upcoming Service For Crypto Traders
The launch of its own exchange is last but not the least MUFG’s bit plan. Allegedly, the bank is also working towards the service for cyber money traders in the country. The project is called MUFJ Trust, and it will store customer’s assets in accounts which can be connected with the platforms, albeit, it won’t send the funds to their control.
This blueprint will protect customer’s capital from hacker attacks effects or bank’s crash consequences. By the way, it resembles segregated accounts, which are applied to safeguard Forex vendors. Moreover, the new option will check for leery performance as well as for strange operations on accounts. Thus, they won’t be processed but investigated.
This service is anticipated to be implemented in mid-spring 2018. However, at first, it will be applicable only for BTC. That will happen once Japan’s Finance Services Agency admits that bitcoin is an asset and holds it in trust. If this happens, that will be the first trust arrangement of cyber money.