The banking division of the Japanese financial group Mitsubishi UFJ Financial Group (MUFG) plans to release its own cryptocurrency Coin MUFG in early 2019. According to local media reports, in the test phase of the project in several regions of the country can take part to 100 thousand customers MUFG, which is the world’s fifth Bank by total assets.

It is expected that during the running-in of new technology users will be prompted to download and launch an application that automatically convert deposits in yen in the cryptocurrency at the rate of 1:1. With the help of these funds the Bank’s customers will be able to pay in restaurants and shops. If necessary, they will also be able to transfer funds to accounts of other participants in the project.

Recall that for release Coin MUFG financial group decided to open a new exchange. At MUFG already experimented with its own cryptocurrency at the domestic level. The head of the group Nobuyuki Hirano (Nobuyuki Hirano) has emphasized that such experiments allow to obtain unique data. Previously, the group distanced itself from public cryptocurrency and stressed that the banking cryptocurrencies do not have anything to do with them.