Bank of Tokyo-Mitsubishi UFJ (MUFG) has revealed that it has developed its own digital currency nicknamed “MUFG coin” as part of its research into blockchain and distributed ledger technology.
MUFG began the trial last fall, which is aimed at decreasing the costs of managing financial transactions, particularly in the case of P2P transfer and remittances.
Representatives from MUFG subsidiary BTMU confirmed the trial to CoinDesk, though they did not provide additional details when reached.
The announcement is reminiscent of Citi’s July revelation that it had created a proprietary network termed "Citicoin" on which it was conducting experiments and comes amid an increasing period of activity from both commercial and Japanese banks.
Mitsubishi UFJ Financial Group had previously been revealed as a member of blockchain technology consortium R3CEV, which has enrolled 42 global banks into its program and is expanding to include non-banks.
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