Bitcoin, Crypto currency, Blockchain

“MUFG Coin”: Japan’s banking giant plans to Test scalable crypto currency

Japan’s largest Bank named Mitsubishi UFJ Financial Groups, short-MUFG, is planning to test run its own crypto currency for the year 2019.

The Japanese publication NHK confirmed that MUFG, which manages assets in the amount of 2.6 trillion dollars, is planning a comprehensive test run of the crypto-currency, with a 100,000 customers.

The account holder must apply for participation in the trial version, which allows participants a Smartphone application to download the Fiat-Yen deposits in MUFG Coin converts. The conversion rate is 1 Yen per MUFG Coin.

Participants can spend your crypto-currency and send it to other people.

In this way, the Bank officials will also analyze whether P2P Transfers and settlements via the application, in the case of a large scale of 100,000 private clients, banks efficiently and securely, after you have carried out over the course of a year of successful Attempts to the employees.

According to a report by MUFG Coin users is to offer cheap international Bank Transfers and also when it is exchanged for other currencies at airports, cheap fees.

Allegedly, the Bank is currently setting up a Two-way ATMs, in order to allow its users crypto-currency in the Yen to exchange or to load MUFG coins on Smartphones.

The President of MUFG, Nobuyuki Hirano, stresses that the crypto-currency would overcome the existing problems of virtual currencies, in order to create a useful currency. In fact, the currency could be traded at the seemingly emerging MUFG-crypto exchange.

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