The Bank of Tokyo-Mitsubishi UFJ is the world’s second-largest bank, after the British Bankers Association.
The Tokyo-based company has over 200,000 branches and employs over 15,000 people.
But, despite this impressive reach, the Japanese banking giant is struggling to keep pace with the rise of cryptocurrencies.
“I don’t see a future for commercial banks in the future.
There is no need for commercial banking in Japan,” Satoshi Nakamoto, the pseudonym of the bitcoin creator, wrote in a blog post published in November 2016.
“The only way commercial banks will be able to survive in the long term is if we stop focusing on what is best for them and start focusing on the community.
That is what we are doing right now.”
This year saw the creation of the Japan Bitcoin Association, which aims to promote the growth of the cryptocurrency industry in Japan.
“We have been in contact with several big banks about setting up commercial branches in Japan and we’re looking forward to the future,” said Yoshiyuki Hasegawa, the president of the association.
“In the meantime, we have been working to establish the network for digital banking and bitcoin exchange companies.”
But while the Japanese government is in the process of banning foreign bitcoin exchanges, it is not yet clear if the country will soon implement strict regulations.
In addition to banks, many other businesses have been considering opening their doors to bitcoin.
One such business is a video rental shop in Kyoto, Japan, known as the Bitcoin Cafe.
It is the first bitcoin-focused business in Japan to open a branch.
“Since the start of 2016, we’ve been thinking about opening a Bitcoin Cafe in Japan, but unfortunately, we didn’t receive a lot of interest from other Japanese companies,” said a manager at the Bitcoin Café.
“It’s unfortunate, but we have no other choice.”
He added that they are currently preparing to introduce the Bitcoin Cash platform, which will allow businesses to accept bitcoin as payment for their services.