Japanese Financial Giant MUFG to Launch Digital Currency in 2020
The world's fifth largest bank is set to go ahead with a digital currency launch in collaboration with Indeed.com parent firm Recruit Group.
Jul 20, 2020 at 1:55 p.m. UTCUpdated May 9, 2023 at 3:10 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/B7G3KFJPWREJBFG6P5YBFDNEIU.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
00:50
Base Monthly Active Addresses Increased by 160% in March: Nansen
04:16
Bitcoin Halving: We Answer Your Questions
00:56
What's Stopping Congress From Passing Crypto Regulation?
19:02
Sen. Lummis Addresses Algorithmic Stablecoin Ban in New Bill
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)