Japanese bank creates MUFG Coin for distributed ledger experiment

Japanese bank creates MUFG Coin for distributed ledger experiment

Bank of Tokyo-Mitsubishi UFJ (MUFG) is the latest financial services giant to confirm it is experimenting with distributed ledger technology, creating its own digital currency as it seeks to find ways to bring down the costs of transactions.

According to local paper the Asahi Shimbun (in Japanese), the bank began its project last Autumn, using blockchain technology and building its own 'MUFG Coin' that can be used for things like international remittances via a smartphone application.

MUFG, which is one of 42 bank member of the R3 blockchain consortium, hopes that the pilot will help it ditch large computer systems, bringing down costs.

Last year US bank Citi confirmed that it is doing something similar, creating a 'Citicoin and building three blockchains with the aim of finding new, cheaper ways to complete cross-border payments.
 

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