Mitsubishi UFJ Financial Group Inc (MUFG) its own cryptocurrency with an initial 100,000 account holders by as early as 2019.
The Japanese megabank, Mitsubishi UFJ Financial Group Inc (MUFG), is launching its own cryptocurrency according to a report by NHK quoting local media which also revealed that it would be called the MUFG Coin.
Participants will download an app on their smartphones whereby they will deposit money and have it converted at a rate of 1 Yen to 1 MUFG Coin.
This is not the first time the fourth largest bank in the world has been rumoured to be contemplating owning a cryptocurrency. Though it would be one of the world’s firsts from such a large institution.
If the trial proves to be a success, the group will consider partnering with other businesses to offer services based on the currency in order to get a large testing pool.
Trialing in Japan
Trailing a new cryptocurrency could be much easier in Japan than in any other country as they are very popular. There has been a steady rise in adoption and Japan is often regarded as the only country that has a clear plan on how it wants to move forward with digital currencies.
A report by Japanese Consumers Affairs Agency revealed that not only are the regulators behind this massive adoption, but also the citizens.
This could be great news for the likes of Ripple and the newcomers like the MUFG Coin who are looking forward to real-world adoption.