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Mitsubishi UFJ Financial Group Wants its Own Cryptocurrency

Japan's Mitsubishi UFJ Financial Group (MUFG) is in the works to create its own cryptocurrency. MUFG says the coin, which will come out as early as 2019, will be a test run and be limited to ~ 100K MUFG bank holders.

Those participating with the MUFG coin will be able to use it through a smartphone application provided by the bank. The app would allow one to convert deposits of yen (JPY) into MUFG cryptocurrency.

For now MUFG says one coin will be worth exactly the same as 1 JPY.

Participants will be able to use the bank's cryptocurrency in restaurants, grocery stores and markets. Money may also be transferred to other user's accounts over the coin app as well.

The test run by MUFG will be the deciding factor if they wish to expand the use of the coin and take it mainstream.

Besides being Japan's largest bank, MUFG is one of the world's largest, with offices in 40 other countries. The bank has a history dating back to the 1870s with former Samurai Yataro Iwasaki who established the Tsukumo Shokai company (renamed Mitsubishi Shokai in 1873). Iwasaki is famous for supplying transport ships to Japanese government, which aided in quashing the Satsuma Rebellion of 1877. His aide essentially established the modern Japan we know today.

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Jack Taylor is a freelance journalist who has contributed to many award winning media outlets on a wide range of topics regarding trending technologies, cryptocurrency, blockchain & digital privacy.
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