MUFG, the world's fifth largest bank, plans to put its digital currency into actual use this year.

According to Cointelegraph Japan Station on April 9, Mitsubishi UFJ Financial Group (MUFG), the world's fifth-largest bank, Japanese bank holdings and financial services company, will put its digital currency MUFG Coin into actual use later this year.

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Image source: visualhunt

Cointelegraph Japan reported that MUFG's new president, Kanetsugu Mike, revealed the plan in an interview with local media Asahi Shimbun.

Mitsubishi UFJ Financial Group is Japan's largest financial company and is expected to be the first Japanese bank to issue virtual currency, a stable currency based on blockchain, linked to the yen 1:1.

The asset is designed with a currency function in which customers can download an app and the app will automatically convert their bank deposits into stable currency.

According to Cointelegraph Japan, about 1,500 company employees have participated in the trial of MUFG Coin since 2017. According to reports, Kanetsugu Mike told the Asahi Shimbun: "I want to provide new value like never before."

As Cointelegraph reported in May 2018, Mitsubishi UFJ Financial Group revealed that it plans to test MUFG Coin to as many as 100,000 account holders in 2019.

Although the president did not clearly state how long the test cycle of this scenario is actually implemented this year, the report said that the bank plans to “will be able to use the currency to pay in restaurants, convenience stores and other stores”. And use "this currency to transfer funds to other participants' accounts."

In late December 2018, Mizuho Financial Group, a Japanese banking giant, announced plans to introduce a digital currency specifically for payment and remittance services.

According to reports, the Mizuho "J-Coin" stable currency platform, originally scheduled to be launched on March 1, will directly connect its existing bank accounts with digital wallets. The program will work with 60 counterpart financial institutions, reporting that they have a total of 56 million user accounts.

It is worth mentioning that there are already a number of digital payment innovation companies in Japan offering cryptocurrency related services. For example, e-commerce giant Rakuten will soon launch its own cryptocurrency exchange, and chat application provider Line has also launched. I have my own cryptocurrency and internal blockchain.