The largest bank in Japan, Mitsubishi UFJ Financial Group (MUFG) Bank, Ltd., wants to issue its own stablecoin called MUFG Coin in the second half of 2020, local news outlet Mainichi Shimbun has learned.
MUFG plans to roll out its stablecoin in collaboration with the Recruit Group, one of Japan's largest comprehensive restaurant information websites.
However, Mitsubishi UFJ Financial Group President & CEO Hironori Kamezawa admitted a delay is still possible as there may be a new wave of coronavirus pandemic.
Before the launch, the bank also plans to test the stablecoin with 100,000 account holders.
After the launch, the bank's clients will be able to exchange bank deposits into MUFG Coin via MUFG’s mobile app.
In 2018, MUFG announced plans to launch its own digital currency. Back then the bank also said it would create a new blockchain-based payment network in tandem with Akamai Technologies, Inc., the world’s largest cloud delivery platform.
iHodl previously reported that the Bank of Japan, the country's central bank, announced it plans to start testing its own central bank digital currency (CBDC).
According to a recently published report by the institution entitled"Technical Hurdles for CBDC," the bank wants to digitize cash, but it still must check whether Japan is able to catch up with China, which has been developing its digital yuan for quite some time.
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