Mitsubishi UFJ Financial Group (MUFG), the largest financial institution of Japan, has planned to issue its own digital currency in the second half of 2020.
On July 13, it has been reported that the digital currency project was originally designed to run on a blockchain network and facilitate instant peer-to-peer transactions, which initiated back in 2015. After multiple delays, the initiative is now scheduled to be rolled out in late 2020.
However, Hironori Kamezawa, the President and CEO of MUFG, announced the new plans on Monday (July 13) to the local news agency, the Mainichi Shimbun.
As part of the upcoming launch, MUFG is reportedly planning to launch mobile retail payments powered by the digital currency in collaboration with its partner, the Recruit Group.
As per the report, Kamezawa said that nearly 1 million Recruit member stores have already signed up for this collaboration.
He further stated:
“We think that everyone will be able to use it openly.”
The CEO noted by adding that MUFG token will be available to non-Recruit stores in future as well.
Likewise, the MUFG token is designed as a blockchain-based stablecoin pegged 1:1 to the Japanese yen. Since the project was first initiated about five years ago, the rollout of the MUFG token has been delayed several times.
Thus, the bank was trying to launch the token throughout both 2018 and 2019 too.