There are many countries in the world who are supporting the cryptocurrency whereas some of the countries are planning to ban it. Japan just entered in the world of cryptocurrency. One of the best banks in Japan named MUFG is planning of launching their own cryptocurrency exchange network. It is not going to take a decade to build it, they are planning to launch it in within the end of the year.
The new Cryptocurrency
The deal is not limited to the exchange network but they are also currently working on their own cryptocurrency. They believe that the price of the cryptocurrency is constantly fluctuating and all the people can’t afford the constant increase and the decrease in the price. Therefore, the idea is to maintain the exchange and hence the control the pricing by reducing the functions.
Their own cryptocurrency will be a stable coin and just like every other cryptocurrency, it can be sued for all the things. There is no official news yet, but according to the rumour, the currency peg of the new cryptocurrency offered by the bank would roam around JP¥1.
There will be proper security and trust for all the users. Also, there is security provided just in case, a security breach is seen or if the company goes bankrupt, people’s money will be safe. All of these trust arrangements are done by providing segregated accounts. Moreover, it is used to stop the frauds and all the suspicious activities that are done using cryptocurrency. In case there is any of the unusual activity seen in the user’ account. They will be informed immediately and in this way, the bank will be able to monitor all the activities easily which can’t be done in the other cryptocurrencies.
For the people who already have an account with the bank can use this service with a little fee. By using the service, they can securely do all the transaction related to cryptocurrency whether it is booking the function venue or buying some goods online. This is the bright step taken by MUFG.