Japan’s Mitsubishi UFJ To Launch Cryptocurrency MUFG Coin By Year End

Japan’s Mitsubishi UFJ To Launch Cryptocurrency MUFG Coin By Year End

April 22, 2019

Japan’s Mitsubishi UFJ Financial Group or MUFG is preparing to put its own cryptocurrency, called MUFG Coin, into practical use by the end of this year.

According to MUFG president Kanetsugu Mike, the wider adoption of the coin would result in connected economic blocs.

MUFG Coin is designed to offer currency functionality, especially for retail purchases. With the practical implementation of the earlier announced coin, users will be able to use the currency to make payments at places like restaurants, convenience stores and other shops. They can also transfer the currency to other participants’ accounts.

In May last year, reports said that the world’s fifth largest bank by assets was planning to launch MUFG Coin by 2019, with a large-scale trial that would involve nearly 100,000 account holders who apply to take part.

Since 2017, around 1,500 company employees have participated in trialing MUFG Coin, which is worth 1 Japanese yen. The bank’s initial plan to launch a crypto coin dates back to 2016.

In last year, another Japanese banking major Mizuho Financial Group had announced plans to launch a bespoke digital currency, named J-Coin, for payments and remittance services.

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