Japan is now only a few steps behind in regularizing cryptocurrency as Mitsubishi UFJ Financial Group (MUFG) announced today its plan to test a custom cryptocurrency by 2019 after years of being in development. The plan is to roll out its coin to few reliable customers who will participate in the trial and help them find inevitable bugs as they make purchases. This is a great move for Japan as it indicates the crypto future of the nation.
If the trial of a proprietary cryptocurrency succeeds, it could become the first cryptocurrency produced by a huge banking group. MUFG, a branch of the Mitsubishi Group are said to be the fifth largest banking group in the world.
Custom Cryptocurrency Trial of Japan
The roll out, as per reports will be tested on 100,000 customers in 2019. Account holders will need to apply to participate in the experiment. The MUFG currency will be equal to 1 Japanese Yen and hence customers can through their bank make direct exchanges from Yen to MUFG. This roll out will be used to collect information on the quality and effectiveness of the currency in handling day-to-day activities which includes general bank transfers, and also shopping through retail outlets for everything from food to clothing.
There are also reports that soon after the rolling out; there will be a production of cash machines. Excellent customer experience is at the core of MUFG’s vision.
“The participants will install an app on their smartphones that convert their deposits into the digital currency.
The announcement of the cryptocurrency trial by MUFG must not come as a surprise since MUFG president Nobuyuki Hirano had in the fall of last year stated that they were trying to “overcome issues of virtual currencies and create a highly useful currency.”
The roll out of MUFG will help certain customer base to enjoy the benefits of a controlled cryptocurrency. The currency is designed at this moment to assess how well cryptocurrencies can be incorporated into our mainstream life using smartphone apps and the blockchain.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]