The Bank of Tokyo-Mitsubishi (MUFG) (NYSE: MTU), Japan’s largest bank, has claimed that the bank’s own digital currency, MUFG Coin, will do better than Bitcoin (Bitcoin), Cryptocoins News reports.
Speaking at the Fin/Sum Week 2017 in Japan, MUFG president Nobuyuki Hirano acknowledged the growing awareness and adoption of digital currencies like Bitcoin in the country, soon after its classification as a legal method of payment earlier this year.
For Hirano, the bank’s own digital currency will look to alleviate “issues” surrounding Bitcoin, referring to the cryptocurrency’s volatility.
The bank's retail customers will be able to withdraw money from their bank accounts through an app on a smartphone which will then be converted to the digital currency.
MUFG is also launching two-way ATM machines in spring 2018 where users will be able to withdraw the digital currency onto their smartphones or change MUFG coins into yen.
The bank began issuing its digital currency to employees in May on an experimental basis in May 2017, ahead of a reported commercial rollout before the end of the year.