Japanese bank MUFG will release stablecoin MUFG Coin this year


The Japanese banking group Mitsubishi UFJ (MUFG) plans to launch its own digital currency, MUFG Coin, already this year. The stablecoin exchange rate will be tied to the Japanese yen in a 1: 1 ratio.

According to local media, the president and CEO of MUFG, Hironori Kamezawa, said that in cooperation with the Recruit Group, the bank will release a mobile application for retail customers who can pay with MUFG stablecoins for goods and services. Kamezava said that about a million stores are ready to take part in the project, so after the cryptocurrency is launched, everyone can freely use it.

For the first time, plans to launch MUFG Coin became known in June 2016. Initially, stablecoin was intended for domestic banking operations, then the bank began to consider the issue of this cryptocurrency for its customers so that they could make low-cost money transfers around the world. MUFG planned to launch stablecoin in early 2019 and even began testing it with over 100,000 customers. 

However, later the management of MUFG reported that a final decision on the launch of a digital currency had not yet been made. At the same time, the head of the Bank of Japan Haruhiko Kuroda (Haruhiko Kuroda) said that in the country there is no demand for state cryptocurrency, so he does not see the prerequisites for its launch. However, last month, leading Japanese banks MUFG, Mizuho and Sumitomo Mitsui Banking Corporation began to develop government infrastructure for settlements in digital currencies.

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