Mitsubishi crypto will be released soon, says MUFG President

The date of launch of the Mitsubishi digital currency has caused crypto community interest to Japanese coin.

MUFG aims to release its crypto by the end of 2020.

Crypto community has been expecting Mitsubishi coin since 2015. The leading Japanese company MUFG plans to launch its virtual crypto in 2020. It is planned that the crypto will get in circulation by the end of 2020, and this would be a kind of a new stage in the financial history of Asia. Hironori Kamezava, senior executive director and president of the Mitsubishi UFJ financial group, has talked to a major news magazine in Japan and spoke about the plans regarding the firm’s digital coin.”

He said that the future crypto will be built according to transparency and simplicity in use. When it comes to time frames, he expects that Mitsubishi crypto is to be launched this year, in a period between September and December.

The negotiations on this crypto have been conducted since 2015. At that time there were only some minimal data on the project, and it was announced that a crypto working on blockchain network would be designed for processing peer transactions.

Nevertheless, the cryptographic part went to the background, and there were no details concerning the date of launch.” MUFG is planning to develop more crypto projects.

MUFG has been interested in digital currencies and crypto projects for long time already. Last year it played an important role for providing investment round amounting to $14 million on security token based on Coinbase.

As for its own Mitsubishi crypto, the project has been kept confidential for too long. There were also rumors about launching in 2018 and 2019 but nothing concrete was reported until this moment. However, this time MUFG President has reassured that the development is to be finished by the end of 2020.

As regards MUFG, we can expect more from it than just a Mitsubishi crypto. A solution for retail payments based on smartphones and supported by the upcoming stablecoin is also in designing. In general, digital currencies will soon become an integral part of Japanese economy.

Japan adopts blockchain revolution and crypto but in accordance with regulations. There have been changes in Japanese crypto space as the new crypto regulation has come into force on May, 1st. It touched crypto service providers and companies dealing with crypto assets.

There are 23 regulated crypto exchanges in the country, and the non-regulated entities have changed their working conditions for Japanese users. The new rules represent significant changes to the way FSA is going to regulate operators’ commercial activity.

Among other major amendments there is new regulation for crypto storage providers that do not buy, sell or serve as intermediaries in such deals.

Koso Yamamoto, member of the House of Representatives from Liberal Democratic Party says that the country will soon realize the growing influence of cryptos and the value they add to Japanese yen.