On May 15 it became known that the bank department of Mitsubishi UFJ Financial Group (MUFG) announced its intention to launch corporate cryptocurrency. According to the local news portal NHK, a test launch of a token called MUFG Coin will be designed for 100,000 users.
It is worth noting that MUFG considered the possibility of launching their own coins in January of this year, which means that MUFG will be the first Japanese bank that has its own cryptocurrency.
As it became known, the coin will expand the currency functionality, and users will be able to convert their funds into the cryptocurrency using the bank’s application. NHK reported that the price of one token will be equal to one yen. Also, it became known that users will be able to use tokens to pay for goods and services in shops and restaurants, as well as transfer funds to other users.
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