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Japan Megabanks Kill Joint Blockchain Money Transfer Project, Turn to Their Own Cryptocurrencies

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Three of Japan’s largest banks have canceled a joint venture of a blockchain-based peer-to-peer cash switch provider.

The 3 so-called Japanese ‘megabanks’, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group, stated the three way partnership was once a duplication in their particular person efforts. They thus noticed no want to proceed, consistent with the Nikkei Asian Review.

Per the Japanese newsletter, the joint initiative would have allowed their consumers to ship and obtain price range the usage of electronic mail addresses or cell phone numbers by means of digital accounts related to their financial institution accounts.

Japanese Megabanks Partner With Fujitsu

As in the past reported by means of CCN the venture was once introduced in 2017 in partnership with tech company Fujitsu. The Japanese tech large was once answerable for the advance of the blockchain answers.

Besides a cloud-based blockchain platform Fujitsu was once additionally creating a smartphone utility for the peer-to-peer cash transfers. The objective then was once to have the 2 answers related to the financial institution accounts at each and every of the 3 banks.

Tests of the initiative have been carried out in 2017 and there have been plans for extra complete trials remaining yr.

Mizuho and MUFG Both Developing ‘Stablecoins’ to Cut Transaction Costs

Some of the tasks the monetary establishments are enterprise and which might have competed with the three way partnership come with the advance of virtual currencies. Both Mizuho Financial Group and Mitsubishi UFJ Financial Group are creating their very own virtual currencies respectively named J-Coin and MUFG Coin.

In the case of Mizuho Financial Group, the primary take a look at of its virtual forex was once carried out in overdue 2016. The monetary establishment has been enterprise the initiative in partnership with IBM Japan. Mizuho’s objective with the J-Coin is to scale back cash switch prices. The J-Coin is mainly a stablecoin with its price pegged to that of the Japanese Yen on a 1-to-1 foundation.

Mitsubishi’s MUFG coin were introduced previous in 2016 and identical to with the J-Coin the aim was once to chop transaction prices. And in a similar fashion to the J-Coin the MUFG Coin may be mainly a stablecoin pegged to the yen.

Japanese Banking Giants Also Members of R3 Consortium

At the time, the president of Mitsubishi UFJ Financial Group, Nobuyuki Hirano, indicated that MUFG Coin would search to relieve the problems bedeviling cryptocurrencies equivalent to volatility.

[Mitsubishi UFJ Financial Group plans to] conquer problems with [existing] digital currencies and create a extremely helpful forex.

Other than running on their very own virtual currencies the Japanese monetary establishments have additionally joined different world blockchain tasks. Mizuho Bank and Mitsubishi UFJ Financial Group are probably the most banks that experience joined the R3 consortium.

[youtube https://www.youtube.com/watch?v=YfcJDCXWJNM?feature=oembed&w=680&h=383]

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