After many months of speculation, it reached our altcoin news today that the largest bank in Japan-Mitsubishi UFJ Financial Group is planning to launch its own digital currency.
The long-awaited in-house cryptocurrency should be launched by the end of 2019.
According to reports by Japan Times, Mike Kanetsugu-the Group President revealed the plan earlier today. He stated that the bank will likely offer the ‘’Coin’’ to retail business and restaurants aiming to reach a higher level of adoption. He also revealed that the Coin will enable businesses to participate in finding information about their customers and how to provide better services.
Mitsubishi is now the 5th largest bank in the world. The bank announced the plan of launching a digital currency in 2018 mainly for improving operational issues within the group. The reasoning behind this idea was the expense received from storing and transporting physical coins. These methods have become unsustainable in Japan.
‘’Coin’’ will eventually change the way consumers interact with the economy. While talking about the launch, Kanetsugu stated that he fully believes in the ability of the coin to achieve what it was set to do.
The MUFJ also made clear that digital currencies are a way to reduce the costs that occur with physical currencies. Kanetsugu also believes that by launching the Coin, the entire financial infrastructure will set the path for business to adopt it.
Since 2018, the bank launched a test run for the digital currency for its employees only which turned out to be a great success. The test showed that the Coin will have ‘’institutional transfer Capabilities.’’
Coin will also be integrated into the Bank’s mobile app which will allow users to manage all of their credit cards in one place. The smartphone app will help the users to manage their reward points and also perform multiple managerial functions.
We are still waiting to see whether the Coin will be a success, but it’s sure a good thing that one of the world’s largest banks is trying it our first.
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