At a time when the cryptocurrency world is going through various attacks from governments all around the world, Japan is doing its possible best to support the continued existence of the crypto ecosystem. Japan’s largest bank and fifth biggest bank in the world, Mitsubishi UFJ Financial Group, Inc., (MUFG) is finalizing plans to launch its exchange.
According to Japanese news sources, MUFG has made its intentions of floating a crypto exchange known to the Japan Financial Services Agency.
The MUFG is also looking to create its cryptocurrency but understands the advantage of first establishing an exchange to trade MUFG coins. This platform would help in stabilizing the price of the coin as well as make it a preferred currency for shoppers to clear settlements and pay outstanding bills.
The bank looks to peg the price of the MUFG coin at one Japanese yen, but not fixed in advance to avoid regulations concerning the issuance and transmission of such private currency in Japan.
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