Published on May 15th, 2018 | by bitcoin0
Report Says that The World’s Fifth largest Bank is going to Trail own Cryptocurrency in 2019.
The banking unit of Japan’s Mitsubishi UFJ Financial Group (MUFG) plans to trial its own cryptocurrency as early as 2019, Cointelegraph Japan reports today, May 15.
Cointelegraph Japan quotes local news media outlet NHK saying that a test phase of the cryptocurrency, known as MUFG Coin, could involve around 100,000 account holders.
Currently the fifth largest bank in the world by assets, MUFG originally signalled its intention to launch a token in January this year, in so doing becoming the first Japanese bank to issue one.
MUFG Coin is designed to offer currency functionality first and foremost, with test customers to download an app that will automatically convert their deposits.
According to NHK’s report, one MUFG will be equal in value to one yen.