World’s 5th Largest bank to issue their own Cryptocurrency called MUFG Coin
Mitsubishi UFJ Financial Group (MUFG), the 5th largest bank in the world in terms of assets ($2.589 Trillion) is to beta launch its own cryptocurrency called the MUFG Coin in 2019. The test will involve issuing coins to 100,000 users which can use the new coin for day to day payments.
The account holders who participate in the testing process of MUFG Coin would be required to download an app that would allow conversion of account deposits into cryptocurrency. The coin will hold a “one-to-one value” corresponding to Japanese currency Yen. The users of MUFG coin would be able to make purchases at retail stores, food joints and can move funds to other users of MUFG coin.
Last year MUFG president Nobuyuki Hirano said that “banks were trying to overcome issues of cryptocurrencies and create highly useful currency”. MUFG would become the first bank in the world to release their own cryptocurrency.
Japan has played a key role in the worldwide adoption of Bitcoin. At one time the largest Bitcoin exchange in the world was in Japan, Mt Gox. With this new movement by the banks of Japan, Japan could become the leading crypto destination in the entire world.
MUFG Bank ranks second in the world as a holding company with $2.5 trillion+ of assets under it.
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