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[The bank plans to] overcome issues of [existing] virtual currencies and create a highly useful currency.
The Bank of Tokyo-Mitsubishi (MUFG), Japan’s largest bank, revealed plans toward developing its own digital currency in early 2016. Dubbed “MUFG Coin”, the digital currency – based on a blockchain – is set at a fixed conversion rate of one coin equal to one Japanese yen. MUFG retail customers will be able to withdraw money from their bank accounts through an app on a smartphone which will then be converted to the digital currency. As reportedby CCN in mid-2016, MUFG is also launching two-way ATM machines in spring 2018 where users will be able to withdraw the digital currency onto their smartphones or change MUFG coins into yen.
The report also cites that MUFG is hoping to garner support for ‘MUFG Coin’ from other banks. However, competitor and fellow ‘megabank’ Mizuho has also been testing its own digital currency, developed in partnership with IBM Japan. As reported by CCN in late 2016, Mizuho put its digital currency – where a single digital token is also equivalent to a single yen – through a successful app-centric trail in the scenario of a group dinner party. Based on blockchain technology, the tentatively titled ‘J-Coin’ also sees support from other banks ahead of an intended launch prior to the 2020 Tokyo Olympics.
Japan always have news, we will see soon…