MUFG Bank is Not Developing its Cryptocurrency

Suzat

December 4, 2019 9:49 pm

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MUFG Bank, one of Japan’s largest banks also known as the world’s fifth-largest bank, has denied reports which reveal its plans to launch a cryptocurrency in Japan next year.

According to the statement from the Mitsubishi UFJ Financial Group Bank (MUFG) states that it didn’t decide whether a recent business partnership would ultimately intend to create a digital currency entity.

Recently, multiple local English-language media outlets including Japan Times revealed that MUFG was eyeing a release date in the first half of 2020 for an as-yet-unnamed digital currency.

MUFG announced:

“These reports are not based on any announcement made by MUFG Bank. It is true that we have concluded the joint venture agreement for an establishment of a new company. No other decision has been made in this regard at this time.”

The offering would allow users to make payments via smartphone using QR codes, with the digital currency account linked to a bank account. The Japan Times, which stated “informed sources,” MUFG would hold a minority stake in the company behind the token. 51% would be owned by its partner, human resources services provider Recruit Holdings.

In January 2018, reports stated that MUGF is planning to launch its cryptocurrency exchange this financial year. The reports say that MUFG has already announced the Financial Services Agency (JFSA) regarding the decision of launching its cryptocurrency.

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