Mitsubishi UFJ Financial Group, Inc, – Japan’s Banking giant, counted amongst the top five banks in the world, announced it’s latest project of testing a proprietary cryptocurrency, MUFG Coin, by 2019.
The idea is to roll out the coin initially for 100,000 users, to use the coins through retail outlets for everything from clothes to food.
Mitsubishi UFJ Financial Group, Inc. (MUFG; 株式会社三菱UFJフィナンシャル·グループ), has been planning this since 2015, and now appears ready to roll out, MUFG coin by 2019.
After it’s successful inception, MUFG would evidently become the first major bank on the planet to issue its own variation of cryptocurrency.
“MUFG coin takes advantage of the new technology that is on a network of multiple smaller computers,” a company report in early 2016 revealed. “It is possible to build a tamper-resistant transaction record of the ledger cheaply, otherwise referred to as the ’blockchain.”
Initial MUFG users in 2019, would have to first convert their fiat deposit( MUFG token would be in parity with Japanese Yen), through the official MUFG mobile App.
The basis of this project was initiated three years ago with the idea to curtain down transactional frictions in remittance and transfers, providing a variation on a P2P platform to drive the costs lower.
Initiation of MUFG Coin
MUFG’s crypto aspiration was accentuated years ago by its participation in a private consortium, R3. This consortium was invaded by dozens of international banks, collaborating to study crypto-related solutions. In fact, 10-11 of those banks tested distributed ledger tech using Ethereum by way of Azure. This was the noteworthy factor for bankers such as MUFG to ascertain that crypto tech was real.
Mitsubishi United Financial of Japan Group (MUFG) currently boasts more than $2.5 trillion in assets. It ranks as second in the world as a holding company and is Japan’s largest financial group.