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MUFG, Fifth Largest Bank Worldwide To Test It's Own Digital Currency By 2019

May 16, 2018 Posted /  2149 Views

MUFG, Fifth Largest Bank Worldwide To Test It's Own Digital Currency By 2019

According to a report, the banking sector of Japan's Mitsubishi UFJ Financial Group (MUFG) plans to test its own digital currency before 2019.

A local news publishing NHK cites that a test period of the digital currency, known as MUFG Coin, could entail around 100,000 holders of the account.

At present, MUFG, the fifth largest bank worldwide by assets, initially revealed its goal to release a token at the beginning of this year, in this manner turning out to be the first Japanese bank to issue one. Plans for the move extend back to 2016.

Most importantly, MUFG Coin is created to offer currency performance, along with testing clients to download an application that will instantly convert their deposits. As per NHK's report, one MUFG's value will be equivalent to one yen.

As indicated by NHK, clients will have the ability to utilise the currency to make payments at locations like restaurants, general stores and different other shops and additionally transfer the currency to the accounts of different other members.

The bank joins a relentlessly growing cover of dominant Japanese establishments fitting inroads into the industry of digital currency. The exchange division was all over the headlines in 2018, including big names like DMM and Yahoo at different phases of engagement.

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Tags: MUFG Coin

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