Japanese Bank MUFG is testing its own crypto currency


Japanese Bank MUFG is testing its own crypto currency

Japanese financial conglomerate Mitsubishi UFJ Financial Group (MUFG) began testing its own crypto-currencies among the Bank employees.

Located in the headquarters of the Bank in Tokyo shop you can now pay using digital currency companies MUFG Coin. When paying with a specially created cash register, Bank employees show the cashier the QR code displayed on their smartphones.

In addition, the cryptocurrency can be used to exchange money between peers. It is reported that MUFG Coin pegged to the Japanese yen at the rate of 1:1.

According to representatives of MUFG, through testing, can detect the problem faced by buyers and sellers in cryptocurrency payments.

The Bank also is developing compensation programs using the digital currency for employees who stand for a healthy lifestyle.

It should be noted that the assets of the MUFG approximately 2.76 trillion dollars. To develop their own cryptocurrency Bank began in 2015. In may of last year the Japanese giant in the financial industry announced the start of pilot tests of its own cryptocurrency for internal operations. It is expected that MUFG Coin will be introduced to the masses in early next year.

We will remind, the company announced its intention to launch its own crypto currency exchange in January. MUFG has already been filed an application to the Japanese financial services Agency.

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