& # 39; The world's fifth largest bank MUFG to put Stablecoin into practice in 2019

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The Japanese bank holding and financial services provider Mitsubishi UFJ Financial Group (MUFG), the fourth largest bank in the world, plans to use its digital currency MUFG coin practically later this year. The news was reported by Cointelegraph Japan on April 9.

News of the planned rollout was revealed by the newly appointed MUFG president Kanetsugu Mike in an interview with local media agency Asahi Shimbun, Cointelegraph Japan reported.

MUFG is the largest financial company in Japan and is expected to become the first Japanese bank to issue a virtual currency, specifically a blockchain-based stablecoin that is 1: 1 linked to the Japanese yen.

The asset is designed with a focus on currency functionality, where customers download an app that automatically converts their bank deposits into the stablecoin.

According to Cointelegraph Japan, around 1500 employees of the company have been testing MUFG Coin since 2017.

"I would like to offer unprecedented new value," Kanetsugu Mike reportedly told Asahi Shimbun.

As Cointelegraph reported in May 2018, MUFG has announced its intention to test MUFG Coin in 2019 with no fewer than 100,000 account holders.

Although the phasing between this planned test period and the practical implementation this year was not clarified by the president, the bank reportedly intends that users "can use the currency to make payments in restaurants, convenience stores and other stores", such as and to & # 39; transfer the currency to accounts of other participants & # 39 ;.

At the end of December 2018, Japanese counterpart giant Mizuho Financial Group announced its own plans to launch a customized digital currency for payments and transfer services.

Originally scheduled for a launch date of March 1, Mizuho's forthcoming "J-Coin" stablecoin platform is said to link existing bank accounts directly to digital portfolios. The initiative is planned together with 60 other financial institutions, which allegedly host 56 million user accounts.

Japan is in particular already served by innovators of digital payments, such as e-commerce giant Rakuten, who will soon launch his own crypto-exchange and chat app provider Line, which has launched its own cryptocurrency and internal blockchain.

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Don Bradman

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