Amidst Spike in Bitcoin Price, Japan’s Largest Bank Tests Blockchain-Based Coin

The largest bank in Japan, Bank of Tokyo-Mitsubishi UFJ, or MUFG, has confirmed it is testing its digital currency using the Blockchain technology.
This fact gives credence to the evolutionary potential of fully integrating cryptocurrencies into the existing banking system.
“Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters.
“However we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a block chain technology.”
Barclays, Santander use Blockchain
There have been calls for banks to embrace digital currencies and many financial institutions have been engaging in research to understand the Blockchain technology.

This post was published at Coin Telegraph on 2016-06-15.

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