According to Cointelegraph Japan reports, Mitsubishi UFJ Financial Group, Inc. (MUFG), the world’s fifth-largest bank and Japan’s bank holding and financial services company, will put its digital currency, MUFG Coin, into practical use later this year.
Cointelegraph reported that MUFG’s new president, Kanetsugu Mike, revealed the plan in an interview with the local media Asahi Shimbun (Asahi Shimbun).
Mitsubishi ufj financial group is Japan’s largest financial company and is poised to become the first Japanese bank to issue a virtual currency, a blockchain-based stable currency that is tied to the yen 1:1.
The asset is designed to focus on the currency function, and customers can download an application that will automatically convert their bank deposits to stable coins.
About 1,500 company employees have participated in the trial of MUFG Coin since 2017.
As Cointelegraph reported in May 2018, MUFG financial group had revealed that it planned to test MUFG Coin to as many as 100,000 account holders in 2019.
While the President did not specify how long the envisaged test cycle would be compared to the actual implementation this year, the report said the bank planned that users “” would be able to make payments at restaurants, convenience stores and other stores” “using the currency, as well as” “transfer money to the accounts of other participants” “using the currency.
In late December 2018, Mizuho Financial Group, the same Japanese banking giant, announced its plans to introduce a digital currency dedicated to payment and remittance services.
It is reported that the Mizuho “J-Coin” stable coin platform, originally scheduled for March 1, will directly link its existing bank accounts to digital wallets. The plan, which will work with 60 corresponding financial institutions, reports that the agencies have a total of 56 million user accounts.
It is worth mentioning that Japan now has a number of digital payment innovation companies in the provision of cryptographic currency related services, such as e-commerce giant Lotte (Rakuten) will soon launch its own cryptographic currency exchange, chat app provider Line has also launched its own cryptographic currency and internal blockchain.