The largest bank in Japan will launch its own cryptocurrency

In 2019, Mitsubishi UFJ Financial Group will begin testing the digital money which it has created independently and up to 100,000 customers can take part in it.

The banking division of the Japanese company Mitsubishi UFJ Financial Group (MUFG), which is on the tenth place in the list of largest banks according to Forbes magazine, plans to launch its own cryptocurrency. Testing the MUFG’s Coin will take place in several regions of the country, up to 100 thousand customers will be able to take part of the company testing, the local NHK newspaper reports.

Representatives of the bank explained that 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 cryptocurrency.

In order to participate in testing, customers will need to download an application that automatically converts deposits into new coins. They were originally developed as a full currency, one MUFG Coin would be equivalent to one Yen.

cityIn January, representatives of the largest bank in Japan, 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. Source: rbc.ru

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