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Crypto News The Biggest Bank In Japan To Launch Its Own Cryptocurrency

Discussion in 'Cryptocurrency News (HAPPENING!)' started by philipj, May 15, 2018.

  1. philipj

    philipj GrandMaster Crypto Guardian

    Japan’s biggest bank, and the world’s fourth largest, is reportedly planning to launch a large-scale trial of its own digital currency as early as next year.

    According to a report Mitsubishi UFJ Financial Group has plans to conduct a test of its MUFG Coin in limited areas of Japan. It’s reported that the trial will involve around 100,000 MUFG bank account holders who apply to take part.

    Those who take part will install an app on their smartphones, which then converts their deposits into the digital currency. One MUFG Coin will be valued at one Japanese yen. Participants will be able to use the bank’s cryptocurrency at restaurants and shops. Transferring the currency into the account’s of other participants will also be possible.

    In a post on Medium, it was announced at the beginning of the year that the Japanese bank was planning to launch its own digital currency by March. It also plans to create a cryptocurrency exchange. With bitcoin seeing a surge of popularity in Japan, the bank has realised that it makes sense to get in on the market. By doing this, it aims to aid peer-to-peer (P2P) transactions, simplify payment procedures, and reduce fees.
     
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