Japanese bank's cryptocurrency set to enable micro-payments
Japan's Mitsubishi UFJ Financial Group (MUFG) unveiled a digital currency prototype called MUFG Coin ahead of this year's Combined Exhibition of Advanced Technologies IT and electronics expo in Tokyo, which took place earlier in October. A blockchain-powered mobile app would allow users to buy and transfer MUFG Coin, and make it possible to send smaller amounts of money deemed impractical by traditional banks; an area expected to grow along with hourly on-demand services, such as insurance, said Hirofumi Aihara, general manager of MUFG's digital innovation division.

TOKYO -- All three of Japan's megabanks are attending the annual Ceatec IT and electronics expo for the first time to show off financial technology from digital currencies to biometric payment authentication.

Mitsubishi UFJ Financial Group presented its prototype digital currency, dubbed MUFG Coin, to reporters on Monday ahead of the exhibition's Tuesday kickoff at the Makuhari Messe convention center near here.