The current world not only has accepted cryptocurrencies but has taken important steps to integrate them to the economic and financial world system.
That’s the case with financial institutions like banks, which have joined in such ways that there are already big projects toward creating their own cryptocurrencies, which would be fully integrated to the current system, paving the way for digital assets.
Mitsubishi UFJ Financial Group (Mufg) is one of the world’s largest financial groups _ and Japan’s biggest. One of its branches is Mufg Bank, the country’s biggest bank with offices all over the territory and in 40 other nations.
The bank decided to create its own digital currency, the Mufg Coin, as a way to explore how Blockchain technology could be used in a series of day-to-day financial needs, like cash withdrawals, deposits and payments.
The bank is already experimenting with Mufg Coin payments in a convenience store, but only for its employees. Because of its extended operating hours and the wide range of products, the prices on this particular store are slightly higher than those of the supermarkets. The store is located in the group’s central headquarters in Tokyo.
The company detailed that although bills and coins can be used in different ways, their high cost, time of acquisition, storage and transportation aren’t usually considered. Therefore, Mufg Coin has been developed as a low-cost financial infrastructure.
They created a specific cash register for Mufg Coin payments, where paying employees present the shop clerk with the QR code stored in their smartphones.
Mufg wants to examine how its cryptocurrency works, in order to solve any problem that might flare up, both from their users and the business accepting it as means of payment. In addition to making payments in the convenience store, these coins can be used in peer-to-peer exchange.
Potentially, this coin could have a large-scale market reach and also serve the users of small-scale retail banks. The currency is linked to the yen, so the Mufg Coin price is just as stable as the yen.
By Ana María Morales
Source: Mainichi Shimbun newspaper