After Goldman Sachs backed Circle announced to launch its own dollar backed cryptocurrency, another financial services giant, Japan’s Mitsubishi UFJ Financial Group is also getting ready with its own digital currency.
Japan’s Mitsubishi UFJ Financial Group (MUFJ) has announced that it will come out with its own digital coin (MUFG Coin) by next year. As reported by Japan Broadcasting Association and Verge Co, the coin will be launched by participation from around 100,000 account holders.
The work on the new coin has been going on for a long time and was initially reported in January that MUFJ has been working on to launch both cryptocurrency exchange and Yen pegged cryptocurrency.
During the trial period of the coin, all participants will able to convert their deposits into a new coin through its mobile app. According to the reports, each coin will be equal to one Japanese Yen and owners will able to transfer the digital asset to other people. The MUFG Coin will be a transaction coin which means it can be used in paying up for different goods and services and in all other stores that will accept MUFG Coin.
The idea of MUFG coin is again a stablecoin which is witnessing a lot of attraction lately. The main idea of stablecoins is to suppress volatility through linking it to a fiat currency to make it a more efficient and real for business-related transactions.
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