Banking giant Mitsubishi plans to try out its own crypto currency

The world's fifth largest bank, Mitsubishi UFJ Financial Group, plans to try out its crypto currency in 2019.

According to local news organizations NHK, the test phase of the crypto currency, known as MUFG Coin,

MUFG, currently the fifth largest bank in the world in terms of assets, actually signaled its intention to launch a token in January this year. MUFG will become the first Japanese bank to do so. Plans for this move are till 2016.

According to NHK, MUFG Coin was designed primarily and primarily to offer currency functionality. a MUFG value will be equal to a Yen value

Users will be able to use the money to pay for places such as restaurants, markets and other shops, and they will be able to transfer the money to the accounts of other participants