Biggest Bank in Japan making its own Exchange???

[Hamukione]

Just found this: https://news.bitcoin.com/japans-largest-bank-to-launch-cryptocurrency-exchange/

Apparently, they are working on their own exchange? :O

[fabiorem]

This is bullish. Imagine if other banks go in that direction.

Do you really want to sell your coins?

[stompix]

This is bullish. Imagine if other banks go in that direction.

Do you really want to sell your coins?

Have you read the article?

The bank is known to be working on issuing its own cryptocurrency. The plan as it seems now is that by controlling the exchange where people can trade this MUFG Coin, the bank could suppress drastic fluctuations in its price so it can be used for shopping, settlements and remittances stably. The idea is that the new cryptocurrency will be kept pegged at around JP¥1, but not fixed in advanced so as to bypass regulations regarding issuing and transmitting such private money in Japan.

So, what does this have to do with BTC and why would this be bullish?
It's just another centralized coin with pegged value to the ¥.

[CyberKuro]

Yeah, they do not plan to build an exchange, instead, they want to create a cryptocurrency called "MUFG Coin" worth at around JP¥1, the idea is similar with USDT (tether)
The article clearly mentioned this:
Needles to say, while MUFG only envisions its coin used to make stable transactions in Japan, once the cryptocurrency will be out in the wild global traders can use it for other uses as well. One interesting application is for it to be used in trading pairs on non-fiat exchanges instead of USTD, backed by the largest bank in Japan instead of Tether.
Then, they will offer a service called bitcoin segregated accounts that will be linked to exchanges, I believe they will use MUFG Coin to do this in order to avoid if the trading company is hacked or goes bankrupt.