Pixabay photo: Tokyo Japan
Japan bank to protect Bitcoin holders from exchange shutdowns.
The Japanese bank Mitsubishi Banking announced that they will provide a service to cryptocurrency holders in an exchange platform if it shuts down or is hacked. Bankers have the option to opt in the service and then the bank will hold the users records of cryptocurrency that they have in an exchange. If the exchange is shut down or hacked and their cryptocurrency is lost, Mitsubishi Banking will cover the loss.
The bank plans to start with Bitcoin holders in April and add more cryptocurrencies in the future. The users who decide to opt in for this service will be charged a fee.
What do you think of this?
A good idea?
This essentially centralizes Bitcoin in Japan and the bank knows how much Bitcoin you would be holding. Having the banks involved is not what Bitcoin was getting away from and this could be just the first step to more control over your cryptocurrency.