MUFG is Ready to Start Trials of Its Own Cryptocurrency
The Mitsubishi UFJ Financial Group is ready to start the trial period of its own cryptocurrency dubbed MUFG. If the operation is completed successfully, it may become the first crypto asset created by an important banking group.
MUFG is a financial institution under the tutelage of the Mitsubishi Group. According to annual earnings, Mitsubishi UFJ Financial Group is ranked 5th in the top of the world’s largest banking groups.
According to MUFG, the trials will target 100,000 customers who will require participating in the “experiment.” The parity between MUFG and the national currency Yen will be 1: 1, so the participants will be able to directly convert the Japanese currency into the crypto through the financial institution.
Also, following the testing period, the institution plans to collect information on how cryptocurrency could be used in daily activities, starting with online transactions and ending with shopping.
In accordance with some reports, it’s known that the financial institution will launch as well cash machines, which will operate in tandem with a mobile application.
“The participants will install an app on their smartphones that converts their deposits into the digital currency. The bank officials will check to see if the settlements are carried out smoothly and in a secure way. For the future, they’re considering tie-ups with a wide range of businesses to offer services based on the currency,” stated NHK World Japan.
Japan passes through a difficult time for the crypto sector. The launch of MUFG crypto asset will definitely give customers a different perspective on such financial operations, but also a vision of the benefits of this sector. Given the fact that the network is designed within the MUFG system, we expect a high level of safety.
MUFG‘s own cryptocurrency isn’t an alternative to investments- yet, but a method by which the financial institution plans to investigate the market and to see how to integrate it into everyday life.