Three of the largest banks in Japan have decided to cancel their joint blockchain project focused on providing money transfer services and according to the information that reached our blockchain news today; the three banks include Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group.
The ‘’megabanks’’ claim that the joint venture was just a copy of their own individual efforts so they don’t see the purpose in continued with the cooperation. The joint venture was supposed to allow the customers to send and receive funds via mobile phone or email that were linked to their bank accounts.
The project was first announced in 2017 in partnership with the tech giant Fujitsu that was working on providing blockchain solutions. Fujitsu was developing a smartphone app for the peer-to-peer money transfers and the tests were even conducted back in 2017.
However, two of the three megabanks such as Mizuho and Mitsubishi are working on creating their own digital currency named J-Coin and MUFG Coin.
Mizuho Financial group has its first tests conducted in 2016 and are hoping to partner with IBM Japan in order to provide a better option for money transfer costs. The J-Coin is a stablecoin pegged to the value of the Japanese Yen.
Mitsubuishi’s MUFG Coin was announced also in 2016 and also aims to reduce the transaction costs. MUFG Coin is also a stablecoin that is pegged to the yen. The president of the bank, Nobuyuki Hirano said that the MUFG coin will relieve the problems of cryptocurrencies such as volatility.
These financial institutions also joined global blockchain initiatives and both of the banks have joined the R3 consortium.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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