Japan’s Largest Bank to Launch Own Crypto Currency


Mitsubishi UFJ Financial Group next year will begin testing of digital money created independently, it will be able to participate in it up to 100 thousand customers of the company, NHK reported

The banking division of the Japanese company Mitsubishi UFJ Financial Group (MUFG), which is tenth largest bank in the country according to Forbes magazine, plans to launch its own crypto currency. Testing the MUFG Coin will take place in several regions of the country. The trial will involve up to 100 thousand customers of the company.

Representatives of the bank said users will be able to pay with digital money in restaurants and shops, and if necessary, transfer funds to the accounts of other project participants. If the launch does take place, MUFG will be the first Japanese bank with its own crypto currency.

To participate in the testing, customers will need to download an application that converts deposits into new coins. They were originally developed as a full-fledged currency, one MUFG Coin would be worth one yen.

In January, Mitsubishi UFJ Financial Group announced plans to create a crypto exchange, a service of separate bitcoins-accounts for customers of other sites and altcoin, which will be supported by the national currency.

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