The fifth largest Bank in the world will begin testing its cryptocurrency in 2019

The fifth largest Bank in the world will begin testing its cryptocurrency in 2019

The banking division of the Japanese Mitsubishi UFJ Financial Group (MUFG) plans to develop and begin testing its own crypto currency in 2019.

According to the local edition of NHK, in the test cryptocurrency called MUFG Coin can participate up to 100,000 people.

MUFG, currently, is the fifth largest asset Bank in the world. First news that the organization plans to launch its own token appeared in January of this year.

It is planned that the coin MUFG will be used primarily as a currency, customers with special applications will be able to convert their deposits in cryptocurrency. According to NHK, one MUFG will be equal in value to one yen.

Users will be able to use currency to make payments in places like restaurants and shops, as well as transfer funds to accounts of other participants in the test program.

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