Japan’s Biggest Bank Develops its Own Cryptocurrency, Media Reports

Bank of Tokyo-Mitsubishi UFJ, Japan’s biggest bank, has its own virtual currency dubbed MUFG Coin under development. Also it has finalized its pilot app.

The news come from a post on Reddit by user jonny1000 who provided translation of a brief piece from Japanese publication Asahi. The publication itself references to an unnamed source in the bank.

MUFG Coin is expected to reduce costs on international bank remittances and cut the need for big computers in storing and processing the bank’s financial data.

Initially the bank’s virtual coin will be applicable in the bank’s internal settlements. However, later on an option of exchanging it for yena may be added.

Bank of Tokyo-Mitsubishi UFJ was established in 2006 after the merger of Tokyo-Mitsubishi and UFJ banks. According to Bloomberg, in 2010 it has become the world’s eighth biggest bank, as well as the biggest in Japan.