Mitsubishi to launch crypto offering - so?
The Japanese bank Mitsubishi UFJ Financial Group, the world's largest non Chinese bank, announced plans to launch a proprietary MUFG coin on a trial basis.
The news was released to much fanfare, another sign of global adoption of blockchain and DLT technology.
Not exactly Satoshi's vision
In reality, the MUFG coin is just a means for the banks to increase efficiency.
It will be pegged one to one with the Japanese Yen and will work through an app which will allow users to spend it at participating outlets or transfer to other parties.
I'm not quite sure what the difference is to just spending direct from your bank account (which can be spent direct from your phone already) other than locking users into the banks system and therefore only able to spend money through the bank at all times. It may also be used as the gateway to Mitsubishi's own long rumoured crypto exchange - regulators might take a more relaxed view on the MUFG coin being used as the partner currency as opposed to the Yen.
Although there are scarce details available about the project, I have a sneaking suspicion that somehow the network will not be decentralised/permissionless and the MUFG coin will essentially be the same as the digital money we are already used to. It will cut remittances, as the bank has acknowledged, but there are plenty of other platforms emerging to do this already.
This is really designed to ease settlement costs for banks to increase their own efficiencies, as the diagram below highlights. I do not believe there to be a great deal to get excited about from a consumer or crypto perspective.
Verge attacked again
The divisive cryptocurrency Verge was hacked again today, suffering from the exact same exploit as the attack in April as attackers managed to mine thousands of blocks just a second apart. Attackers have already stolen 35m XVG (roughly $2m) in addition to the $1m last month.
The project was warned that the hard fork implemented after the last attack failed to solve the issue but was unable or unwilling to fix the exploit.
Don't worry though XVG holders, the last time this happened Verge actually increased in price. Such is crypto \_(ツ)_/¯