Japan has always been a forward-thinking country when it comes to cryptocurrency, so it’s not surprising that their largest bank MUFG and fourth largest bank in the world is set to launch its own cryptocurrency and crypto-exchange.
With all the present rumors being spread about neighboring countries South Korea as well as China potentially banning the trading of cryptocurrency altogether, this has come as a power move from the land of the rising sun. It shows they are fully embracing this new type of currency and are willing to secure its future.
This news coincides with previous reports that the group had also intentions of implementing a system where existing banking customers could keep their cryptocurrency separate from other financial assets. According to financemagnates.com they are hoping to launch this new system by April of this year and are also applying for a patent.
The system will work in the same way that current crypto exchanges do by keeping a record of every transaction. If they notice any suspicious activity, for example, a suspiciously large transaction, they will be able to pause that transaction and further inspect it. This is to serve as a safety mechanism for customers to put their minds at ease. Exchanges will also have the opportunity to join the new system.