Big Move Forward for Virtual Currencies in Japan

The largest bank of Japan – die Tokyo-Mitsubishi UFJ Ltd. – will issue a virtual currency under the name MUFG coins in the autumn of 2017, according to a report on The Asahi Shimbun, a prominent national newspaper in Japan.

This is the first major execution step after the Japanese cabinet passed bills to officially recognize digital currencies as real money in March 2016. This paves the way for many innovative products around digital money and will increase international competition. Moreover, this huge strategic decision will foster more investment into applications around mobile payment and solutions to optimize workflows in financial services based on blockchain and smart contracts.

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