MUFG Coin (cryptocurrency)

2018: Announcement

In January 2018, Mitsubishi UFJ Financial Group, which by this time is the largest Japanese bank and the fourth largest in the world, announced the creation of its own cryptocurrency called MUFG Coin.

The virtual currency is backed by the Japanese yen and will essentially duplicate it. One MUFG Coin will cost one yen. It is assumed that this approach will help smooth out sharp price jumps, so that customers will be more willing to use it for everyday purchases and other calculations.

Mitsubishi UFJ intends to use its currency to pay in stores, as well as for transfers between individuals through a mobile application. At the same time, there will be no restrictions on the amount of funds transferred, since MUFG Coin is not money in the traditional sense of the word.

Офис Mitsubishi UFJ Financial Group

The Japanese Financial Services Agency (FSA) has already received a notification from Mitsubishi UFJ about plans to issue cryptocurrency in circulation and launch a cryptocurrency exchange. By mid-January 2018, the bank is negotiating with the FSA to eliminate regulatory obstacles to the launch of the project by March.

Mitsubishi UFJ has been working on MUFG Coin since the beginning of 2017. In May, internal testing began. According to the results of the test, the company said that the digital currency allows reducing the costs of the bank and customers - corporate and private.

Although banknotes and coins can be used anywhere in their currency area, much of the cost and time needed to purchase, store and transport these instruments is often overlooked. Striving to develop innovations in the field of virtual currencies, Mitsubishi UFJ is developing an inexpensive cashless financial infrastructure using blockchain technology. Our goal is to release MUFG Coin, a convenient digital payment tool that would facilitate the transfer of Japanese society to cashless transactions, Mitsubishi UFJ said in a statement.[1]

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