Japan’s Mitsubishi Bank to Launch Own Cryptocurrency
The Mitsubishi UFJ Financial Group has announced the launching of their own cryptocurrency by 2019.
MUFG the crypto token
The Japanese bank will launch the crypto token under the name of MUFG by 2019. The bank is one of the top-five banking institutions in the world, and it will become the first time that a bank has launched its own crypto token.
The announcement came out as the bank seeks to participate in discovering issues in crypto trades, while the customers would be making conventional purchases.
With MUFG coin, the bank will target 100 000 users that would use it for casual shopping, with products ranging from food to clothing and more.
A better cryptocurrency?
Last year, MUFG’s president Nobuyuki Hirano has claimed that the bank is trying to combat the current issues of banking systems vs virtual currencies, and create a “highly useful currency”.
The bank pinpoints that they are in tight control of the whole crypto circulation. Hirano’s claim was highly likely addressed to BTC’s inconsistency, which the MUFG would counteract.
MUFG is not the only one
Japan has recently seen more business adopting the idea of cryptocurrencies. Yahoo! Japan have initiated their crypto exchange plan, while DMM has already launched one.
The Mitsubishi United Financial of Japan Group has $2.5 trillion in assets and is the largest financial group in Japan. Their expansion in the crypto space is another hint that the country might become very crypto centered in the future.