Japanese Mitsubishi UFJ Financial Group (MUFG) aims at releasing its own cryptocurrency in 2019. The trial phase is set to involve around 100,000 clients.
MUFG first mentioned its plans of releasing a cryptocurrency in January this year. Releasing the coin, known as MUFG Coin, will make it the first Japanese bank to have its own cryptocurrency.
So what is it?
MUFG Coin is designed to be used as a regular currency. According to the local news media outlet, NHK, the users
“will be able to use the currency to make payments at places like restaurants, convenience stores and other shops,” as well as “transfer the currency to the accounts of other participants.”
Customers will download an app that will take care of the conversion automatically. One MUFG Coin is going to be worth one yen.
MUFG is world’s fifth largest bank by assets. It will join a growing group of major Japanese companies that already entered the crypto-shpere.
Other major world banks are also looking to enter the cryptocurrency industry. Goldman Sachs recently announced that it will set up a Bitcoin (BTC) operation, while the Barclays may soon become the first bank to open a “crypto desk”.
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