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MUFG to test its own bank cryptocurrency in 2019

16 May 2018 00:00, UTC   |   6893
MUFG to test its own bank cryptocurrency in 2019

The Japanese-based Mitsubishi UFJ Financial Group wants to issue its own cryptocurrency and the first public test phase will be conducted next year, local press outlets report. The price of MUFG Coin will be equal to one yen.

The plans of MUFG about the brand cryptocurrency have been mentioned in 2017 in the speech of Nobuyuki Hirano, president of the bank. Evidently, the organization has never abandoned those plans although it has preferred to stay silent until they could announce the exact date of the test stage. Further investigation leads to believe that the organization started the development of this digital asset in 2016 or even earlier.

This is the primary reason why the announced date of the test launch seems realistic, as MUFG coders have been developing this coin for several years. MUFG Coin may become the first ever bank-issued digital currency unless rivals introduce another similar token in a quicker manner.

Investor Jordan Belfort has recommended to wait for bank digital currencies and think about working with this market only after they arrive on the scene. Undoubtedly, major financial organizations will be much less reluctant to use currencies backed by a central institution.

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