Mitsubishi UFJ FInancial Group (MUFG) is the fourth largest bank in the world and it has decided to launch its own digital currency called MUFG this year. The plan of the Japanese banking giant to launch a new cryptocurrency was communicated by a local agency called Mainichi.jp.
This would make MUFG the first bank in Japan to launch a digital currency. The banking group has plans to create a new cryptocurrency dating back to 2016. According to Mainichi.jp, the cryptocurrency will definitely be launched this year.
The MUFG coin will be based on the blockchain technology and will allow the users to perform instant transactions from one person to another. Moreover, the users will be able to make purchases with lower fees.
MUFG announced the company would process all the transactions from its cryptocurrency network, claiming it would help to improve the stability of the coin.
The bank is also planning on tying the new coin to the Japanese yen, where one coin would be equal to one yen. This move is meant to maintain the trust of the clients in the new digital currency.
Another Japanese company, DMM group, which is a digital trade giant, launched its own cryptocurrency exchange that offers seven cryptocurrencies for conversion starting January 11th this year. This is one of the newest moves towards the general adoption of the blockchain technology in Japan.
Contrary to the authorities in South Korea and China, the Japanese government adopted a different and more acceptable approach to the regulation of the cryptocurrency market, which positively affected the growth of the cryptocurrency sector in the country.