Japan’s Bank to test Cryptocurrency ‘MUFG Coin’

The branch of the Mitsubishi UFJ Financial Group’s (MUFG), the Bank of Tokyo-Mitsubishi UFJ, is aimed to trial its in-house cryptocurrency in 2019
22 May 2018   697

MUFG may become the world’s first major financial establishment to develop its own cryptocurrency after a local report affirmed plans toward a wide research involving as many as 100,000 MUFG retail bank clients. Account keepers will have to apply to participate in the trial which will allow participants to install a smartphone app which converts their fiat yen deposits in their bank accounts to units of ‘MUFG Coin’. The conversation rate of one unit MUFG coin will be counterpart to one yen.

According to the latest report, MUFG coins will look to bring in users of prepaid electronic money platforms with small commission fees levied for any payments, including international money transfers. Clients will also be encouraged to exchange MUFG coins with foreign currencies at airports at markedly cheaper commission rates. The bank is deploying a two-way ATM machine to let users to ‘withdraw’ MUFG coins onto their smartphone or exchange the cryptocurrency into yen.

Being one of the world`s biggest banks, MUFG first declared about its plans to develop a cryptocurrency as early as 2015 before confirming the blockchain-powered coin in early 2016. The start and issuance of MUFG coins is an inevitability at the current stage. MUFG Coin actually could be sold and exchanged at MUFG’s own rumored cryptocurrency exchange in the near future.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.