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Japanese bank giant Mitsubishi UFJ plans to launch encrypted currency protection service to prevent "Mentougou" reproduction

According to a Japanese online publication , Nikkei Asia Review , Japan's Mitsubishi UFJ Trust Bank is preparing to launch a service that will protect cryptocurrencies holders after the cryptocurrency exchange goes down or is black.
The bank giant will continue to match those who choose this service encrypted currency exchange customer records. If the exchange fails or is damaged, Mitsubishi UFJ will indemnify the client against any loss sustained by the customer.

The Nikkei reports that the service will be the first to cover Bitcoin transactions, earliest to be launched in April next year. Cryptocurrency subscribers who choose to protect their own funds with Mitsubishi UFJ will be required to pay a service fee.

However, Noriyuki Hirosue, chief executive of Tokyo Stock Exchange Bitbank, asserted that for those who prefer to trust traditional financial institutions, the cost should be easily accepted:


"Customers feel relieved that trust banks are managing their assets."
Japanese cryptocurrency investors are particularly sensitive to the risks of using cryptocurrency exchanges - primarily the foregone conclusion from Mt.Gox, a Japanese cryptocurrency exchange that closed in 2014 after it was stolen 850,000 bitcoins by hackers.

Japan has now become a leader in cryptocurrency investment and regulation. The Nikkei reports that Japan's Financial Services Authority (FSA) expects to approve in April 2018 that cryptocurrencies can be trussed as assets.