Japan-based Mitsubishi UFJ Financial Group (MUFG) will launch the trial of its own digital currency as early as next year.

The cryptocurrency, MUFG Coin, will be trialled  in participation with nearly 100,000 account holders, the Japan Broadcasting Association (NHK) has reported.

During the test period, the participants will be allowed to convert their legal deposits into MUFG Coins through a mobile wallet app. One MUFG Coin will be equivalent to JPY1.

MUFG Coin can be used to pay bills for goods and services in restaurants, convenience stores, as well as other stores that accept this digital currency.

Additionally, customers will be able to transfer the MUFG digital coin to the accounts of other participants.

The publication further reported that the Japanese bank is also exploring the possibility to team up with different companies that will provide services based on the cryptocurrency in the future.

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Tokyo-based MUFG managed total assets of $2.8 trillion as of 31 December 2017. The company operates with over 2,300 offices in about 50 countries. It offers commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.