Japanese Financial Giant MUFG to Launch Digital Currency in 2020

(JHVEPhoto/Shutterstock)

Japan’s largest banking firm, Mitsubishi UFJ Financial Group (MUFG), is set to issue a digital currency in the second half of this year.

  • The cryptocurrency will be issued in collaboration with Recruit Group, a major Japanese holding firm that operates restaurant-finding service Hot Pepper Gourmet and many more.
  • The news was revealed by the company’s president, Hironori Kamezawa, in an interview with Japanese newspaper Mainichi Shimbun last week.
  • The digital currency will be initially utilized in a smartphone payment app for member companies listed on Recruit’s website, as per the report.
  • Recruit has around 1 million member stores, according to its own figures.
  • The firm is the parent company of job-seekers’ site Indeed and employer review site Glassdoor.
  • Kamezawa said while there could be delays, it may be a good time to launch the digital currency in light of the coronavirus pandemic.
  • While only Recruit members will be allowed to participate initially, Kamezawa said the initiative could one day be used more widely by non-Recruit site member stores, too.
  • In December 2019, MUFG downplayed reports of a digital currency launch, saying that while it had entered into a joint venture agreement with Recruit, “no other decision” had been made at the time.
  • MUFG is the world’s fifth largest bank and second largest bank holding company, according to Wikipedia.
  • It has previously partnered with other Japanese firms to research security tokens, and backed a $14 million funding round for tech token company Securitize last September.

Also read: Japan’s Biggest Banks Are Talking About Building a Digital Payments System

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.