Bank of Tokyo Mitsubishi to Issue Its Own Virtual Coins in Japan

Mitsubishi UFJ Financial Group Inc. (MUFG) confirmed its plans to create a limited amount of its own digital currency that will work like prepaid virtual money. The exchange of new MUFG coin will be pegged to the Japanese Yen at a rate of 1:1. MUFG coin owners will be able to use it for P2P transfers and online shopping.

According to the bank’s statement published by Reuters on May 16, 2016:

"We can only say that it's true that MUFG is conducting demonstration experiments on the 'Coin' within the company utilizing a blockchain technology." 

Moreover, the bank plans to release an ATM in spring 2018. It will enable customers to convert and withdraw their virtual coins into cash.