The world's largest financial group, Mitsubishi UFJ Financial Group, is experimenting with its own cryptocurrency, Mufg, which employees can use to pay at convenience stores. This week, the Sankei Shimbun reported on the pilot project.
Mitsubishi UFJ Financial Group is experimenting with its own digital currency Mufg coin. Jingdong, where the group’s headquarters is located, has a convenience store dedicated to employees and has begun to allow Mitsubishi employees to use Mufg currency to pay. This week Sankei Shimbun visited the store on the spot and reported that the experiment was "pretty advanced."
This store has installed a cash register that supports Mufg coin payment. When employees use Mufg coins to pay, they only need to use their mobile phones to show the payment QR code to the cashier. Mitsubishi will study the problems faced by users or businesses.
The media also pointed out that in addition to being used for payment in convenience stores, this encrypted currency can also be used to exchange money between colleagues, such as in the AA system.
Mitsubishi UFJ Financial Group is Japan's largest financial institution, with total assets of 306 trillion yen (contracted US$2.76 trillion) as of March 1. Its subsidiary Mitsubishi UFJ Bank is the largest bank in Japan, with offices in Japan and more than 40 countries.
Mufg coin planMufg coin was created by Mitsubishi UFJ Financial Group, which wants to explore how to apply "blockchain technology" to various daily financial needs, such as cash withdrawal and deposit transactions and payments.
The company said that this token has the potential for large-scale commercialization and can also serve small-scale retail banking customers. In addition to MUFG coins, MUFG is also testing another unnamed digital currency reward program for employees to reduce overtime hours and have a healthy lifestyle.
Japan’s "Mainichi Shimbun" explained that this token is pegged to the yen, and one Mufg coin stabilizes at the price of 1 yen.
The group also said that although a large number of paper money and coins are used, we often overlook the significant losses caused by the time and cost of manufacturing, storing, and transporting these tools. Therefore, Mufg is developed as a low-cost cashless financial infrastructure.
According to the Mitsubishi UFJ Group, this cryptocurrency will enable "instant payment" and support small transactions by increasing the number of decimal places."
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