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Paxtradings Crypto Minute: May 20, 2018

PAX Trading > Crypto Minute > Paxtradings Crypto Minute: May 20, 2018

Largest Bank in Japan to Begin Testing of Proprietary Cryptocurrency by 2019

Mitsubishi UFJ Financial Group, Inc, the largest bank in Japan and one of five largest banks in the world, announced will begin testing a proprietary cryptocurrency, called MUFG Coin, by 2019. The bank claims that the cryptocurrency will be an acceptable exchange of value for typical retail purchases. The initial testing period will include approximately 100,000 users. The users will have to download an app on their mobile device, which will convert fiat into MUFG Coin. The bank will design MUFG Coin to have parity with Japanese yen. The bank began development in 2016 increase efficiencies and reduce costs for remittances and money transfers.

Maltese Government and Omnitude Partner to Improve Public Transportation with Blockchain

Malta’s Transport Minister, Ian Borg, announced a partnership with Omnitude, a multi-enterprise blockchain middleware platform to improve the Maltese Public Transport Service’s operations. Specifically, the government and Omnitude are aiming to develop a decentralized transport and logistics platform. In a statement provided to the Malta Independent, the government stated:

“Earlier this year the Government approved a blockchain strategy, making Malta one of the first countries in the world to have a national strategy on blockchain technology. Blockchain is the technology that is considered across the world as the foundation of the next big industrial revolution, offering cost savings and efficiencies. Initially, the Government will work with Omnitude to develop overall improvements in transport reliability.”

InfoSys Partners With Seven Indian Banks to Create Blockchain-Based Trade Network

InfoSys disclosed that it is partnering with seven Indian private banks to develop a blockchain-based trade network called India Trade Connect (ITC). ITC will aim to enable the execution and processing of various banking transactions between buyers, sellers, banks, and regulators in a transparent and secure manner. InfoSys and the seven Indian banks believe that ITC will achieve better risk management and more efficient supply chain financing. To allow for scalability in the future, ITC’s developers are ensuring that the platform is network “agnostic.” Consequently, ITC will have compatibility with a variety of blockchain networks, such as Hyperledger, Corda, Ethereum, or Bitcoin.

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