Currently the fifth largest bank in the world, Japan’s Mitsubishi UFJ Financial Group (MUFG ) is planning to do trials with its own cryptocurrency as early as 2019.
NHK, a local news source in Japan, reports that the testing of the currency, a.k.a MUFG Coin, may include 100,000 account holders.
The initial plan of MUFG was to launch a cryptocurrency in January 2018 and become the first bank in Japan to issue cryptocurrencies. The roots of this plan actually go back to as early as 2016.
Transfer the Cryptocurrency to other Users Accounts
The first and most important feature of MUFG Coin is the availability of support by an application that will automatically translate the amount invested by the test phase customers. According to NHK, a MUFG coin will be equivalent to a yen in value.
NHK reports that the users are going to be able to use the MUFG coin to pay for places such as restaurants, supermarkets and other stores and that they will be able to send/transfer the cryptocurrency to other users’ accounts.
Mitsubishi UFJ Financial Group seems to be clearing the way for big Japanese institutions and organizations which are in preparation for entering the cryptocurrency industry. With the involvement of companies like DMM and Yahoo!, the crypto exchange sector had been holding on the 2018 headlines.