The banking unit of Mitsubishi UFJ Financial Group (MUFG), the fifth largest bank in the world based on total assets, is planning to launch its own cryptocurrency. According to a recent report by Cointelegraph Japan that quotes local media outlet NHK, MUFG aims to test its own cryptocurrency as early as 2019 with as many as 100,000 account holders.
In the article, NHK highlights the potential use cases of the digital currency, which was first introduced as an idea back in 2016 and reinforced as a real option in January of 2018.
“[The token] will be able to use the currency to make payments at places like restaurants, convenience stores and other shops,” as well as “transfer the currency to the accounts of other participants.”
One MUFG will be equal in value to one yen and will be offered through an app that will automatically convert fiat deposits to the digital currency.
This news comes just hours after MUFG reported impressive earnings for fiscal 2017 (which ended March 31), bringing in over ¥989.6 billion ($8.9 billion) in revenue, up 6.8% from last year.