Mitsubishi UFJ Financial Group thinks of its own cryptocurrency

Mitsubishi UFJ Financial Group thinks of its own cryptocurrency. New steps forward for the implementation of cryptocurrencies by traditional banks.

The credit institution Mitsubishi UFJ Financial GROUP (MUFG), one of the most important Japanese banks, plans to test its own criptovaluta already in the 2019, according to reports a few hours ago Cointelegraph Japan.

Cointelegraph Japan in turn cites some press sources, claiming that the cryptocurrency test phase, known for the moment as MUFG Coin, could involve about 100.000 account holders.

Currently MUFG is the fifth largest bank in the world in terms of activity. Originally, he announced plans to launch a token in January of this year, making it the first Japanese bank to issue a cryptocurrency. However, the plans for are now being extended to the next quarters, to then arrive at the launch of a real one currency digital in 2019.

Recall that, according to what has been disclosed so far, MUFG Coin is designed to offer its customers typical features of fiat currencies, with customers who can download an app that will automatically convert their deposits into the chosen currency: the exchange ratio, according to the NHK report from which Cointelegraph drew its ideas journalists, should be a MUFG equal to one yen.

Finally, according to NHK, users "will be able to use the currency to make payments in places like restaurants, grocery stores and other centers", as well as "transfer the currency to other users' accounts".

The bank is thus added to an ever increasing number of important Japanese entities that are preparing for the new evolutionary phase of the cryptocurrency sector.