Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest banks and the largest in Japan, is planning to conduct a large-scale trial of its own cryptocurrency.
About a year ago, MUFG joined the Utility Settlement Coin project (USC). The USC is one of the largest Asian cryptocurrency firms, and the firm aims to assist banks in creating custom blockchains for their own cryptocurrencies. With the help of the USC, MUFG is preparing to release a new cryptocurrency known as MUFG Coin.
MUFG plans to run a trial of its new cryptocurrency with about 100,000 MUFG bank clients. Clients who are interested in taking part in the trial will be asked to apply. MUFG Clients that are accepted into the trial will be asked to download an app, where they can deposit yen for MUFG coin at a 1:1 ratio.
According to Japan’s news network NHK World, clients will be able to use their MUFG coins “[at] restaurants, convenience stores and other shops. They can also transfer the currency to the accounts of other participants.”
If the results of the trial show promise, MUFG plans to reach out to businesses and offer their currencies services to them. The trial plans to launch sometime next year. It will be interesting to see how many shops MUFG can convince to accept their coin before their trial.