World’s Fifth Largest Bank to Launch Its Own Cryptocurrency in 2019
May 16, 2018
Banking division of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans developing its own cryptocurrency in 2019.
Local news channel NHK reports, test stage of cryptocurrency known as MUFG Coin may involve about 100,000 accounts.
As the fifth major bank of the world by the amount of assets MUFG first voiced its plans to start a token in January this year and thus became the first Japan-based bank to dare this.
First, MUFG Coin will offer functionality of a currency. Customers who will be testing it will be allowed to download application that will convert their deposit. As NHK reports, MUFG Coin will cost equal to one yen.
According to NHK, “will be able to use the currency to make payments at places like restaurants, convenience stores and other shops, transfer the currency to the accounts of other participants.”