THE LARGEST BANK OF JAPAN WILL TEST OWN CRYPTO-CURRENCY

Minfin.com.ua – The banking unit of the Japanese financial group Mitsubishi UFJ Financial Group (MUFG) plans to conduct a large-scale testing of its own digital currency.

Testing of MUFG Coin crypto currency will begin next year in several regions of the Land of the Rising Sun. It is expected that about 100,000 account holders of MUFG bank will test the new crypto currency.

Participants will install the application on their smartphones, which converts their deposits into a digital currency. One MUFG coin will cost 1 yen.

They will be able to use the crypto currency to make payments in places like restaurants, shops, etc. They can also transfer the digital currency to the accounts of other project participants.