Japan's largest bank to issue own digital currency

posted 12 months ago
The president of Japan’s largest bank and financial group (MUFG) has claimed that the bank’s own digital currency, MUFG Coin, will do one better than bitcoin.

The Bank of Tokyo-Mitsubishi (MUFG), Japan’s largest bank, revealed plans toward developing its own digital currency in early 2016. Dubbed “MUFG Coin”, the digital currency – based on a blockchain – is set at a fixed conversion rate of one coin equal to one Japanese yen.

MUFG retail customers will be able to withdraw money from their bank accounts through an app on a smartphone which will then be converted to the digital currency. As reported by CCN in mid-2016, MUFG is also launching two-way ATM machines in spring 2018 where users will be able to withdraw the digital currency onto their smartphones or change MUFG coins into yen.

With trails beginning as early as fall 2015, the endeavor could soon result in the world’s first ever digital currency issued by a major bank.
Tags: blockchain, news