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Economy

Japan's megabanks dip toes in cryptocurrency waters

Unlike bitcoin, value of MUFJ coin will be fixed at 1 yen

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People queue at a branch of the bank of Tokyo-Mitsubishi UFJ in Tokyo.   © Reuters

TOKYO -- Japanese banks have typically shied away from adopting virtual currencies, but not anymore. Now they are looking to leverage their huge customer bases to jump into the world of cryptocurrencies by offering quick and inexpensive services.

Bank of Tokyo-Mitsubishi UFJ earlier this month began test operations within the bank with its own cryptocurrency, dubbed MUFG coin. Users first need to download an app to their smartphone and convert money from an existing bank account. Then, they can instantly transfer money directly to another user via the app or use it to purchase goods at affiliated shops.  

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