http://www.ThinkingCrypto.com Japan’s largest bank and also the world’s 4th largest bank, Mitsubishi UFJ Financial Group, Inc (MUFG) is planning to both launch its own cryptocurrency, MUFG Coin, and its own cryptocurrency exchange.
Bitcoin is a legal currency in Japan and MUFG is trying to compete with Bitcoin and also get a piece of the trading volume.
The move demonstrates how cryptocurrencies and blockchain tech are slowly being realized by traditional financial institutions, who are eager to benefit from the reduced operational costs that virtual currencies can offer.
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