MUFG Plans To Issue Its Own Digital Currency In The Second Half Of 2020
MUFG Plans To Issue Its Own Digital Currency In The Second Half Of 2020
July 15, 2020
MUFG Plans To Issue Its Own Digital Currency In The Second Half Of 2020
MUFG Plans To Issue Its Own Digital Currency In The Second Half Of 2020
July 15, 2020

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.

ALSO READ :  Bitcoin Appears On The Massive Protest In The US In Response To Police Killing George Floyd

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.

Source: Cointelegraph | Image: Pinterest


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.