Mitsubishi UFJ Financial Group will be releasing its own cryptocurrency in March. The Japanese bank, which is listed as its largest, is releasing this new currency as the ongoing market continues to struggle. But even with this, the bank is aiming to go forward with a distinct currency that will support the growing market for such currencies in Japan.

The MUFG is a coin that will be given out to employees of the bank first. It will then be sent out to the public. The currency is expected to work with a slight link to the Japanese yen. This would be interpreted as a currency that works in a manner similar to what the yen already uses. The main exception is that this newer currency would work without people having to spend too much money to use it.

The currency will support basic transactions. It will work for shopping purposes or for transferring money between people. This would all be done with lower costs when compared with what people would get out of regular credit card transactions that are used on most exchanges.

The currency would also require the use of a special wallet for people to use it. MUFG would take care of all the transactions involved with the currency. This would work with that bank being responsible for managing how the currency is used without asking for other parties to review it. This offers a slight bit of deregulation as the costs for using the currency would still be minimal in value.

A few tests have been performed to see how well the currency can work. The unit has been in development for nearly two years to see how well it can handle individual transactions.

The move comes amid other banks around Japan getting into the cryptocurrency industry. MUFG is a part of the UBS Utility Settlement Coin program alongside a few other banks from around the region. Many of these groups have been working on trying to produce unique currency options that entail support from the Ripple blockchain. The efforts from Japanese banks to try and get more of these coins running off of Ripple may be a factor for why that cryptocurrency has been growing in popularity as of late.

This also occurs as cryptocurrencies have become very popular in Japan. With Japan being one of the top countries in the world for currency use, there have been efforts by the national government to get such currencies to work. This includes working with currencies that the government wishes to endorse, potentially getting people to keep from being overly dependent on just the bitcoin. Such efforts might be a factor for why the bitcoin has been dropping in value in recent time.

Various banks around Japan have been trying to develop mainstream cryptocurrencies. These include the J-coin, a coin that is being produced by the Mizuho Financial Group alongside other larger entities. The goal of Mizuho is to try and get the coin out to the public before the 2020 Olympics in Tokyo.

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