It looks like Japan’s biggest bank will piggyback off of the cryptocurrency craze. Mitsubishi UFJ Financial Group Inc. released a report that the bank will expect to have its own crypto around March of 2018. This coin (MUFG) will be rolled out to employees first.
Users of the coin will obviously need to create their own digital wallet. The coin allows regular transactions such as shopping and transfers of money between users. The perk with this is that the fees are much less than using credit cards.
Other banks are now starting to lean towards using coins. Six other banks have joined UBS Bank’s Utility Settlement Coin (USC). This coin will be available at the end of 2018 and will be exchangeable with a few other cryptocurrencies. Wether or not people invest into cryptocurrencies for their decentralization aspect, having banks increasingly adopt cryptos is good news for the future.