MUFG may become the world’s first major financial establishment to develop its own cryptocurrency after a local report affirmed plans toward a wide research involving as many as 100,000 MUFG retail bank clients. Account keepers will have to apply to participate in the trial which will allow participants to install a smartphone app which converts their fiat yen deposits in their bank accounts to units of ‘MUFG Coin’. The conversation rate of one unit MUFG coin will be counterpart to one yen.
According to the latest report, MUFG coins will look to bring in users of prepaid electronic money platforms with small commission fees levied for any payments, including international money transfers. Clients will also be encouraged to exchange MUFG coins with foreign currencies at airports at markedly cheaper commission rates. The bank is deploying a two-way ATM machine to let users to ‘withdraw’ MUFG coins onto their smartphone or exchange the cryptocurrency into yen.
Being one of the world`s biggest banks, MUFG first declared about its plans to develop a cryptocurrency as early as 2015 before confirming the blockchain-powered coin in early 2016. The start and issuance of MUFG coins is an inevitability at the current stage. MUFG Coin actually could be sold and exchanged at MUFG’s own rumored cryptocurrency exchange in the near future.