Japan's largest bank plans to issue its own virtual currency

The largest bank in Japan, Mitsubishi plans to soon publish its own virtual currency, which would become the first major entity in the world to undertake this initiative, confirmed Efe entity.

Tokyo-Mitsubishi UFJ develops digital currency temporarily "MUFG" called (the acronym of entity) and can be used to perform operations such as purchases, bank transfers or currency in exchange for a lower cost the coins.

The currency is "developing" by the entity, which for now has no specific date for the circulation, he told Efe a spokesman for the bank, although the Japanese newspaper Asahi said today that the issue would begin in the fall.

This unprecedented initiative in the international banking sector would place the Asian country at the forefront of virtual currencies after the government approved in 2014 the first legislative framework to regulate digital currencies.

The company has created its own IT platform support for the currency on the basis of the chain blocks ( "of blockchain" in English), an information transmission system on the origin of Bitcoin and also used for other criptomonedas (payment methods they have the support of their material value) in data encryption.

In practice, the operation of the new currency will be the cards currently available in Japan similar to purses and can be used to pay in shops or in urban and interurban transport networks of the Japanese archipelago.

The main difference with these wallet cards is that the virtual currency will be interchangeable between its users and that can be managed via computer or smartphone, as detailed Asahi today.

Mitsubishi UFJ Tokyo-also working on developing a new generation of ATMs that allow operations with virtual currency and smartphones.

In addition, the company is negotiating partnerships with companies and other entities of Japan to accept the new currency, in order to promote financial and commercial market based on the same, according to the aforementioned sources.

After the scandal broke in 2014 Mt.Gox, which became the largest home exchange Bitcoins worldwide, the Japanese government approved a pioneering regulation in the world to establish this as a cryptocurrency commodity and not as a currency.

The Japanese executive processed at present a legislative change to allow Bitcoin and other digital currencies are used as ordinary coins in order to strengthen the protection of its users and to facilitate their use.

Currently, there are about 600 virtual currencies around the world, including one that has a larger market capitalization is Bitcoin, estimated at about 8,400 billion dollars (7.524 million euros) by the main reference platforms criptomonedas.