The president of Japan’s largest bank and financial group (MUFG) has claimed that the bank’s own digital currency, MUFG Coin, will do one better than bitcoin.
The Bank of Tokyo-Mitsubishi (MUFG), Japan’s largest bank, revealed plans toward developing its own digital currency in early 2016. Dubbed “MUFG Coin”, the digital currency – based on a blockchain – is set at a fixed conversion rate of one coin equal to one Japanese yen. MUFG retail customers will be able to withdraw money from their bank accounts through an app on a smartphone which will then be converted to the digital currency. As reported by CCN in mid-2016, MUFG is also launching two-way ATM machines in spring 2018 where users will be able to withdraw the digital currency onto their smartphones or change MUFG coins into yen.
Full article here: https://www.cryptocoinsnews.com/japans-biggest-bank-plans-digital-currency-overcome-bitcoin-volatility/