Mitsubishi UFJ Financial Group (MUFG), the parent company of the Bank of Tokyo-Mitsubishi UFJ, has embarked on a new digital currency trial through one of its subsidiaries.
The OOIRI currency is said to be tied to the value of the yen and will available for spending at local businesses through an app called Z-Wallet, developed by an Israeli startup calledZerobillbank. Further, health data will be drawn in part through the use of geolocational software that is integrated in the wallet.
MUFG, primarily through the Bank of Tokyo-Mitsubishi UFJ, has pursued blockchain applications in the areas of financial management and digital cash. MUFG is also an investor in San Francisco-based digital asset exchange Coinbase.
If successful, the Bank of Tokyo-Mitsubishi UFJ will reportedly look to introduce a system similar to the OOIRI reward currency.
Image via Shutterstock