U.S. Markets open in 7 hrs 35 mins
  • S&P Futures

    3,242.50
    -59.75 (-1.81%)
     
  • Dow Futures

    26,115.00
    -442.00 (-1.66%)
     
  • Nasdaq Futures

    11,082.75
    -260.00 (-2.29%)
     
  • Russell 2000 Futures

    1,532.20
    -26.20 (-1.68%)
     
  • Crude Oil

    35.67
    -0.50 (-1.38%)
     
  • Gold

    1,868.90
    +0.90 (+0.05%)
     
  • Silver

    23.30
    -0.07 (-0.28%)
     
  • EUR/USD

    1.1686
    +0.0008 (+0.0701%)
     
  • 10-Yr Bond

    0.8350
    0.0000 (0.00%)
     
  • Vix

    37.59
    -2.69 (-6.68%)
     
  • GBP/USD

    1.2912
    -0.0011 (-0.0878%)
     
  • USD/JPY

    104.2050
    -0.4050 (-0.3872%)
     
  • BTC-USD

    13,284.65
    -202.58 (-1.50%)
     
  • CMC Crypto 200

    260.43
    +17.75 (+7.32%)
     
  • FTSE 100

    5,581.75
    -1.05 (-0.02%)
     
  • Nikkei 225

    23,053.40
    -278.54 (-1.19%)
     

Japanese Financial Giant MUFG to Launch Digital Currency in 2020

Daniel Palmer
·2 mins read

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