The world's fifth largest bank is issuing its own crypt money

The banking unit of the Japanese Mitsubishi UFJ Financial Group (MUFG), which is the fifth largest bank in the world, plans to try out its own crypto currency at the beginning of 2019.

According to local news source NHK, Mitsubishi UFJ Financial Group is issuing a crypto coin called MUFG Coin.

Work started in 2016

MUFG, currently the fifth largest bank in existence on the asset base, was the first Japanese bank to do so, pointing out its intention to move to a token market in January this year. The start of plans for action is based on 2016.

MUFG Coin is designed to offer currency functionality first and test customers will automatically download an application that will convert deposits. According to the same report, the value of 1 MUFG Coin will be equal to 1 year.

Money will work in most places

It is stated that users can use this currency in restaurants, grocery stores and other stores and transfer them to other participants' accounts.

The bank has added a new addition to large Japanese entrances to the crypto money industry. With the workings in the stock exchange sector, DMM and Yahoo! were among the companies that embellished the headlines.