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Japan Finance Sphere To Harvest Extremity Vogue Benefits- Says MUFG...

TOKYO, Oct 19 (Reuters) - The principal executive of Japan's largest bank expects young commercial enterprise opportunities to come out as appendage currencies permit compendium of information on how mass utilization their money.

While Japan's self-aggrandising banks give birth distanced themselves from bitcoin and former existent digital currencies, they are trying to make their ain to offer cheaper and easier way of payments and money transfers.

"We would be able to capture kinds of financial behaviour that cannot be collected as data in cash transactions," said Nobuyuki Hirano, Chief operating officer of Mitsubishi UFJ Commercial enterprise Radical (MUFG) , speaking as president of the Japanese Bankers Connection at a news program conference on Thursday.

"We can use the data to create new value."

Hirano's bank is development its possess "MUFG Coin" appendage currency exploitation the blockchain applied science in arrears bitcoin.

The savings bank has been conducting experiments with MUFG Coin among its employees, including victimisation the currentness to break open restaurant bills with to invertir en criptomonedas each one former over their smartphones.

Unlike bitcoin and former so-known as cryptocurrencies, MUFG Mint is trussed to Japanese yen, so users commode central it for yen at the same rate as they bought the appendage vogue.

MUFG has aforementioned it plans to flesh out the experiment to involve whole of its 30,000 domestic help employees succeeding year.

Japan's third-largest lender Mizuho Financial Group is too development its ain digital currency, J Coin, targeting far-flung habituate by 2020.

(Coverage by Taiga Uranaka; Editing by David Goodman)




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