Mitsubishi to Trial Own Cryptocurrency
Mitsubishi UFJ Financial Group (MUFG), a financial institution under the guidance of Mitsubishi Group, would soon start the trials of its own cryptocurrency. MUFG is ranked 5th in the list of the world’s largest banking groups.
If completed successfully, the cryptocurrency stands a chance of becoming the first crypto asset brought to the public by an influential banking group.
According to MUFG, these trials would be targeting around 100,000 customers who would be required to participate in the experiment. Since the parity between Yen, the national currency of Japan, and MUFG would be 1:1, participants would be able to convert Yen to the cryptocurrency easily.
The institution plans to collect information after the testing period about how cryptocurrencies can be used in normal daily activities, from online transactions to shopping. Some reports also say that the institution intends to launch cash machines as well to operate with the help of a mobile app.
NHK World Japan, the Japanese public broadcaster states:
“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.”
The Japanese crypto sector is going through difficult times. But the MUFG crypto asset launch would give Japanese crypto enthusiasts a different perspective about financial operations. It would also educate people about the benefits of the crypto sphere in an effective manner.
Moreover, since the system has been designed by MUFG, one can expect a high level of security.
For now, MUFG’s cryptocurrency won’t act as an alternative to traditional investments. However, in the future, the institution plans to go ahead and investigate the market to find ways to integrate the cryptocurrency into daily life.