The largest Bank in Japan is testing its own crypto currency

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One of the largest conglomerates in the world, the Japanese giant Mitsubishi UFJ Financial Group, is experimenting with its own cryptocurrency Mufg, offering their employees to use it to pay for goods in store. Apparently, the experiment is successful.

A store that accepts cryptocurrency Mufg, is intended only for the employees of the Corporation and is the Bank’s head office in Tokyo. For the processing of payments in the cryptocurrency, which includes a special cash register. Employees wishing to pay for their purchases currency Mufg, using their smartphones provide seller QR code. In addition to the payment of goods in store, cryptocurrency can be used for exchange between employees, for example, the separation of accounts.

MUFG is Japan’s largest financial group, the total assets of which as at 31 March is 306 billion yen ($2.76 trillion). One of the group’s subsidiaries — Bank MUFG is Japan’s largest Bank and has offices in 40 countries.

Plans for cash Mufg

According to the company, currency Mufg was established Corporation Mitsubishi UFJ Financial Group in order to explore “how the blockchain technology can be used for various financial needs such as withdrawals and deposits, transactions and payments.”

“In the future this coin can have massive commercial potential, as well as to be useful for small retail banking customers. In addition to cryptocurrencies Mufg, the company is testing the reward program digital currency employees, reducing processing and practicing a healthy lifestyle.”

Mufg cryptocurrency pegged to the Japanese yen at a ratio of 1:1. According to the MFUG, despite the widespread use of banknotes and coins, their importance is often exaggerated, particularly in respect of cost and processing time of transactions. Unlike Fiat currencies, Mufg has a low-cost cashless financial infrastructure.

It is expected that the coin Bank will be able to make instant money transfers and will provide an opportunity for a tenfold increase in the number of micropayments.

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