The largest Bank of Japan has begun testing its own stablon
Mitsubishi UFJ Financial Group, the largest Bank in Japan and one of the largest conglomerates in the world, started closed trials of its stablein MUFG Coin.
We already wrote about the fact that MUFG plans to launch its own cryptocurrency. Some of these promises remain promises, but the Japanese words in the wind drops.
As previously reported, MUFG Coin is stablein pegged to the yen at the rate of 1:1.
The objectives of the experiment are quite restrained — “to explore the possibility of using the blockchain to achieve financial objectives including a wide range of everyday financial transactions and payments”.
From banknotes and coins MUFG has no plans to give up, but complains that their production, transport and storage expensive. But digital stablein, the company believes, has great potential, first of all it concerns retail customers and their transactions.
Details are not many, even the local press, with which the bankers decided to share this information, reported only that “trials are gradually moving”.
Test ground is a small shop in the headquarters of the MUFG, the only outfit where the employees of the company. In addition to purchases in the store, the staff can also use MUFG Coin in the calculations together.
Stablon in addition, the scope of which can be extended MUFG parallel testing and token for corporate use, the name of which was not disclosed.
The new digital asset — to serve as a unit in the system of rewards and bonuses for employees “that work less overtime and lead healthier lives.”
However, the Japanese are just being humble for the experiments probably lies in something more than the intention to reduce costs and increase transaction speed or concern about healthy living.
In January 2018, when was first announced the plans to launch its own kryptonite, MUFG announced that it has submitted to the financial services Agency (FSA) application for opening the crypto currency exchange on which traded a new asset.
And let the situation with the issuance of new licenses in Japan had stalled, MUFG plans look impressive. Own the digital asset and crypto currency exchange one of the largest financial institutions in the world with the appropriate resource — it could be very promising.
Against this background, even such large in your pond fish as Rakuten or LINE, hatching plans of his own to the same effect, look quite modest.