, Columnist
NYSE, Beware. The Japanese Are Coming
Mitsubishi UFJ is introducing a digital currency. The impact may be far-reaching.
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It's happening. While there's been much talk about banks and governments creating digital currencies, so far it's been mostly words. Mitsubishi UFJ Financial Group is taking the plunge and will introduce its own virtual money, according to Japan's Asahi newspaper.
The lender, along with the two other megabanks in Japan, is part of a global consortium of more than 50 financial institutions led by blockchain technology firm R3. That means MUFG's move is likely to be followed widely and quickly in countries as far-flung as Brazil, China and Spain.