Once again, Japan is one step ahead of us.

According to the report of NHK, the banking unit of Mitsubishi UFJ Financial Group or MUFG in short plans to try out their own cryptocurrency on a large scale test. This should happen as early as 2019.

The bank will issue a new cryptocurrency called the MUFG Coin, and the testing phase should involve around 100,000 account holders who will be willing to participate.

As NHK reports, the users will have to install an application on their phones that will convert their deposits to the cryptocurrency. 1 MUFG Coin will have a value of 1 yen.

The MUFG Coin will be usable in various places and locations. “They will be able to use the currency to make payments at places like restaurants, convenience stores, and other shops. They can also transfer the currency to the accounts of other participants,” reports NHK.

The whole test phase will be supervised by bank officials to ensure smooth execution and security. In the future, they are planning on establishing partnerships and businesses with other services who will use this cryptocurrency.

Sources:
Cointelegraph
NHK

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