Japan’s commercial bank tests its own cryptocurrency

Japan’s commercial bank tests its own cryptocurrency

One of the leading commercial banks in Japan, Bank of Tokyo-Mitsubishi UFJ, has confirmed the launch of its own virtual currency. 

Information agency Reuters reports this, referring to the letter received from Bank of Tokyo-Mitsubishi UFJ. The message says that the bank is preliminarily testing its blockchain-based cryptocurrency.

Earlier Japanese media reported the release of MUFG cryptocurrency (abbreviation from Mitsubishi UFJ Financial Group, a company owning the bank). According to media sources, it might be put into circulation in the next year. It is expected that the cost of one virtual coin will be equal to Japanese yen. Bank customers will be able to convert their funds and withdraw money, using a mobile application.

Bank of Tokyo-Mitsubishi UFJ was formed in 2006 as the result of merger between Тokyo-Mitsubishi and UFJ banks. It has offices in 40 countries of the world. 

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